Calculate the average daily balance, finance charge, and new balance using the average daily balance method. the account balance on january 1st is $244.53. on january 6th a payment of $150.00 is made. monthly rate = 1.5% date payments purchases balance number of days product/sum 1/1 - 1/5 $244.53 5 1,222.65 1/6 $150.00 $94.53 1 a0 1/7 - 1/31 $94.53 25 2,363.25 total 31 a1 the average daily balance = a2 ÷ 31 = $ a3. finance charge = monthly rate * average daily balance = $ a4. new balance = previous balance - payment/credits + finance charge + new purchases = $ a5.