The average daily balance for the month was $84.21, and the finance charge for the month was $30.13.
<h3><u>Averages</u></h3>
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.
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Answer:
D) is your correct answer
Apex? I just did got this question and I put
g - 4
and got it right ✌️
632=.60 x (it is important to convert the percentage to decimal by dividing by 100)
632/.60=x
x= 1053.33
x is your original price
the actual answer is 1053.3333(3 repeating) but since it is money you cut it off at 2 decimal points.
