Question

What is the average billing daily balance and finance charge (APR 15%) for the revolving credit account (assume a 30 day billing cycle)?

Billing Previous Payment Payment New Charge New Charge

Date Balance Date Amount Date Amount

4/15 $335.50 4/20 $33.55

4/25 $12.50

4/26 $108

Ave daily balance:

Finance Charge:

Answer #1

Calculation of the average billing daily balance and finance charge (APR 15%) for the revolving credit account | |||||||

Date | Number of days | Daily Balance | Calculated Value | ||||

16-Apr | 19-Apr | 4 | $355.50 | $1,422.00 | |||

20-Apr | 24-Apr | 5 | $321.95 | $1,609.75 | |||

25-Apr | 25-Apr | 1 | $334.45 | $334.45 | |||

26-Apr | 15-May | 20 | $442.45 | $8,849.00 | |||

Total | 30 | $12,215.20 | |||||

/ No.of days in billing cycle | 30 days | ||||||

Average Daily balance |
$407.17 |
||||||

Finance charge [Average daily balance x 15% x 30 days / 360
days] |
$5.09 |
||||||

Calculate average daily balance and finance charge (29-day
billing cycle beginning on 9/4) given: Finance charge is 2% of
average daily balance
9/4 Balance
$500
9/13 Payment
20
9/19
Charge
100
Ave daily balance
Total finance charge:

Calculate the
average daily balance and finance charge. (Round your
answers to the nearest cent.)
30-day billing cycle
9/16
Billing date
Previous
balance
$
1,400
9/19
Payment
$
54 cr.
9/30
Charge: Home Depot
1,200
10/3
Payment
54 cr.
10/7
Cash
advance
64
Finance charge
is 1.25% on average daily balance.
Average daily balance
$
Finance charge
$

Calculate the average
daily balance and finance charge. (Round your answers to
the nearest cent.)
30-day billing cycle
9/16
Billing
date
Previous
balance
$
3,000
9/19
Payment
$
70
cr.
9/30
Charge: Home
Depot
2,000
10/3
Payment
70
cr.
10/7
Cash
advance
80
Finance charge is 1.25% on average daily balance.
Average daily
balance-
Finance charge-

Calculate the average daily balance and finance charge.
(Round your answers to the nearest cent.)
30-day billing cycle
9/16
Billing date
Previous balance
$
3,300
9/19
Payment
$
73
cr.
9/30
Charge: Home Depot
2,150
10/3
Payment
73
cr.
10/7
Cash advance
83
Finance charge is 1.25% on average daily balance.

Calculate the average daily balance and finance charge.
(Round your answers to the nearest cent.)
30-day billing cycle
9/16 Billing Date
$3100
9/19 Payment
$ 71 cr.
9/30 Charge: Home depot
2050
10/3 Payment
71 cr
10/7 Cash Advance
81
Finance charge 1% on average daily balance
1- average daily balance:
2- Finance charge:

You had recently received your credit card statement and
wish to be sure the finance charge for the billing cycle is
correct. The statement indicated a beginning balance of $600. On
day 5 a charge of $150 had posted to the account, on day 12 a
charge of $300 posted to the account. On day 15 you had made a
payment of $200. Use the below table to calculate the average daily
balance and the finance charge, assuming the interest...

For the credit card account, assume one month between billing
dates (with the appropriate number of days) and interest of
1.1 %
per month on the average daily balance. Find (a) the average
daily balance, (b) the monthly finance charge, and (c) the
account balance for the next billing.
Previous Balance:
$458.89
January 12
Billing Date
January 15
Returns
$103.48
January 21
Clothes
$116.88
January 25
Bus tickets
$87.56
February 2
Payment
$120
February 8
Flowers
$54.43

Use the average daily balance method to compute the finance
charge on the credit card account for the previous month. The
starting balance and transactions on the account for the month of
April are given to the right. Assume an annual interest rate of
18%.
Month: April (30 days); previous month's balance: $480
April 11
Charged $70 for a coat
April 17
Made payment of $120
April 20
Charged $138 for DVDs
April 29
Charged $38 for groceries

For the credit card account, assume one month between billing
dates (with the appropriate number of days) and interest of 1.6 %
per month on the average daily balance. Find (a) the average
daily balance, (b) the monthly finance charge, and (c) the
account balance for the next billing. Previous Balance: $434.33
January 12 Billing Date January 15 Returns $104.78 January 22
Clothes $136.55 January 27 Bus tickets $66.55 February 4 Payment
$120 February 7 Flowers $62.31 (a) The average...

The activity on Harvey’s credit card account for one billing
period is shown below. The billing period is Sep 28 through Oct 27,
the previous balance was $4050.06, and the annual interest rate is
18 S Z %. Find the average daily balance, the finance charge, and
the new balance. Sep 30 deposit $900 average daily balance:

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