Question

Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day...

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 $

Homework Answers

Answer #1
period number of days balance number of days * balance
9/16-9/18 3 1400 (3*1400)=>4,200
9/19-9/29 11 1400-54 payment=>1,346 (11*1346)=>14,806
9/30-10/2 3 1346+1200 charge=>2,546 (3*2,546)=>7,638
10/3-10/6 4 2,546-54 =>2,492 (4*2,492)=>9,968
10/7-10/15 9 2492+64=>2,556 (9*2,556)=>23,004
30 total 59,616

average daily balance = $59,616 / 30 days

=>$1,987.20.

finance charge = 1.25%* average daily balance

=>1.25%*1987.20

=>$24.84.

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