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Calculate the average daily balance, finance charge, and new balance using the average daily balance method.Monthly rate = 1.75�tePayments PurchasesBalanceNumber of Days Product/Sum9/1 - 9/5387.5251,937.609/650.00337.521337.529/7 - 9/189/1962.66400.181400.189/20 - 9/30Total30The 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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Do you know that your Average Daily Balance (ADB) is the basis to compute for the interest your account earns for a period? ADB is computed as the sum of your daily balances divided by the number of days per month. In order to earn interest, deposit accounts usually require a minimum monthly ADB. Interest is credited to your account at quarter end. A minimum balance requirement, on the other hand, is the amount of money you need to keep in your account to avoid incurring service charges. The amo
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calculate the average daily balance and finance charge round your answers to the nearest cent 30 day billing cycle 916 billing date previous balance 1400 919 payment 54 cr 930 charge home de 80894
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