Question

Sally's balance on her credit card is $75.00 on the first day of august. she makes a payment of $18.00 on august 17 and

Answer 1

The average daily balance for the month was $84.21, and the finance charge for the month was $30.13.

Averages

Given that Sally's balance on her credit card is $75.00 on the first day of August, and she makes a payment of $18.00 on August 17 and a new purchase of $41.00 on August 29, and the annual interest rate is 21.25%, to determine what is Sally's average daily balance and finance charge for the month of August, the following calculation must be made:

• 75 x ((21.15/12 x 16) / 100) + 75 = A = 86.89
• 57 x ((21.15/12 x 13) / 100) + 57 = B = 70.06
• 98 x ((21.15/12 x 3) / 100) + 98 = C = 103.18
• (86.89 x 16 + 70.06 x 13 + 103.18 x 3) / 31 = X
• 84.21 = X
• 86.89 + 70.06 + 103.18 - 75 - 57 - 98 = Y
• 30.13 = Y

Therefore, the average daily balance for the month was $84.21, and the finance charge for the month was $30.13.

Learn more about averages in brainly.com/question/23455102

#SPJ1