Mathematics, 19.03.2020 05:29 sreeytran

Calculate the average daily balance, finance charge, and new balance using the average daily balance method.

The account balance on June 1st is $104.00. On June 19th a payment of $80.25 is made. The monthly rate is 1.25%

Date

6/1 - 6/18

6/19

Payments Purchases Balance Number of Days Product/Sum

$104.00 18

1,872.00

$80.25

$23.75

23.75

$23.75

261.25

2,157.00

-

6/20 - 6/30

=

Total

The average daily balance = 2,157.00 = 30 = $ 71.90

Finance charge = monthly rate x average daily balance = $

New balance = previous balance - payment/credits + finance charge + new purchases = $

Answers: 2

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