Mathematics, 30.03.2020 21:45 gracie0818
Calculate the average daily balance, finance charge, and new balance using the average daily balance method.
Monthly rate = 1.25%
Date
Payments
Purchases
Balance
Number of Days
Product/Sum
9/1 - 9/5
$387.52
5
$1,937.60
9/6
$50.00
$337.52
1
$337.52
9/7 - 9/18
$
$
9/19
$62.26
$399.78
1
$399.78
9/20 - 9/30
$
$
Total
30
$
The average daily balance = ÷ 30 = $ .
Finance charge = monthly rate x average daily balance = $ .
New balance = previous balance - payment/credits + finance charge + new purchases = $ .
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