Calculate the average daily balance, finance charge, and new balance using the average daily balance method.
Monthly rate = 1.75%
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
$62.66
$400.18
1
$400.18
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 = $
Answers
Solution :
For average daily balance:
Form date 9/1 to date 9/5 :
Balance x number of the days = $ 387.52 x 5 days = $ 1937.6
As on date 9/6 :
($ 387.52 - $ 50.00) x 1 day = $ 337.52
From date 9/7 to date 9/18 :
Balance = $ 337.50
Number of days = 12 days
Therefore, product = 12 days x $ 337.52
= $ 4050.24
As on 9/19 :
($ 337.52 + $ 62.66) x 1 day = $ 400.18
From date 9/20 to date 9/30
Balance :$ 400.18
Number of days = 11 days
Therefore, product = 11 days x $ 400.18
= $ 4401.98
Average daily balance = $ 1937.6 + $ 337.50 + $ 4050.24 + $ 400.18 + $ 4401.98
[tex]$=\frac{11127.5}{30}$[/tex]
= $ 370.91
Finance charge = $ 370.91 x 1.75 %
= $ 6.49
New balance = $ 370.91 + $ 6.49
= $ 377.4
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