Question

Jason’s credit card has an apr of 17.02% and a 30-day billling cycle. the following table details jason’s transactions with that card in the month of june. date amount ($) transaction 6/1 746.28 beginning balance 6/9 140.00 payment 6/15 28.76 payment 6/18 69.49 purchase between the adjusted balance method and the daily balance method, which method of computing jason’s june finance charge will result in a greater finance charge, and how much greater will it be? a. the daily balance method will have a finance charge $1.02 greater than the adjusted balance method. b. the daily balance method will have a finance charge $0.03 greater than the adjusted balance method. c. the adjusted balance method will have a finance charge $2.36 greater than the daily balance method. d. the adjusted balance method will have a finance charge $1.37 greater than the daily balance method.

Answer 1

The method of computing that would result in a greater finance charge is  a. the daily balance method will have a finance charge $1.02 greater than the adjusted balance method.

What is the Adjusted Balance Method?

This refers to the method of accounting that makes use of the owed amount of money at the end of a billing cycle to make its computation on an account after the credits are calculated.

Hence, we can see that when comparing the adjusted balance method to the daily balance method that calculates the interest charges at the end of the day, the daily balance method would have a higher finance charge.

Read more about adjusted balance methods here:

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