First step is to get the average daily balance.
Take the sum of each day's balances.
If a payment has been made, the sign will be negative.
From Days 1 - 5 :
Day 1 = $200
Day 2 = $200
...
Day 5 = $200
That's $200 x 5 days = $1000
From Days 6 - 20 :
Day 6 = $350
Day 7 = $350
...
Days 20 = $350
That's $350 x 15 days = $5250
From Days 21 - 30 :
Day 21 = $150
Day 22 = $150
...
Day 30 = $150
That's $150 x 10 days = $1500
A total of :
$1000 + $5250 + $1500 = $7750
Now divide this total to the number of days to get the ADB or Average Daily Balance.
Next Step is to calculate for the finance charge using the formula :
where ADB is the average daily balance
r is the interest rate per day
d is the number of days or period given
From the problem, APR is 15.5%, it means that we need to divide the APR by 365 days.
So r = 0.155/365 = 0.000425
And we have d = 30 days
The charge will be :
Charge = 258.33 x 0.000425 x 30 = $3.29
The answer is $3.29
Answer:
a) 1/6
b) 1/36
c) 1/720
d) 1/3
Step-by-step explanation:
a) Any of the six comics can perform in the fourth place, so there is one chance in six that Comic F is the one that performs fourth.
b) In this case, we have two conditions. Both are independent of each other, so the probability of both happening is the product of the probabilities of each happening individually:
c) This combination is one in all possible orders of perform. The amount of combinations of orders is n!=6!=720 possible combinations. So the probability of this specific order is:
d) In this case, of the six possible comics performing in the last place, we calculate the probability of 2 of them being in that place. So the probability is: