Question

# What is the average billing daily balance and finance charge (APR 15%) for the revolving credit...

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:

 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

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