Find the average daily balance for the given june 12 Billing Date Credit-card ac

Question

Find the average daily balance for the given june 12 Billing Date Credit-card account. Assume the billing date is the June 15 Mail Order $33.45 same day each month, and the use the actual number june 20 Returns $32.31 of days in each month. Then find the finance charge June 22 Wine $ 35.75 if the previous balance was $714.58 and the interest June 27 payment $ 129 is 1.1% per month on the average daily balance. June 2 Returns $76.89 Finally, find the balance at the end of the billing July 6 Birthday gift $120 cycle. July 10 cash advance $150

Explanation / Answer

Date Transaction amount Balance June 13 714.58 14 714.58 15 33.45 748.03 16 748.03 17 748.03 18 748.03 19 748.03 20 -32.31 715.72 21 715.72 22 35.75 751.47 23 751.47 24 751.47 25 751.47 26 751.47 27 -129 622.47 28 622.47 29 622.47 30 622.47 July 1 622.47 2 -76.89 545.58 3 545.58 4 545.58 5 545.58 6 120 665.58 7 665.58 8 665.58 9 665.58 10 -150 515.58 11 515.58 12 515.58 Total 19861.83 Total days 30 The average daily balance. 662.06 Finance charge 7.28 Balance at the end of the billing cycle 522.86

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