Question

Monthly rate = 1.25% Date Payments Purchases Balance Number of Days Product/Sum 9/1 - 9/5 $387.52 5 $1,937.60 9/6 $50.00 $337.52 1 $337.52 9/7 - 9/18 $ $ 9/19 $62.26 $399.78 1 $399.78 9/20 - 9/30 $ $ Total 30 $ The average daily balance = ÷ 30 = $ . Finance charge = monthly rate x average daily balance = $ . New balance = previous balance - payment/credits + finance charge + new purchases = $ .

Answer 1

1. The average daily balance = $11,122.72 ÷ 30 = $370.76.

2. The Finance charge = monthly rate x average daily balance = $4.63 ($370.76 x 1.25%).

3. The New balance = previous balance - payment/credits + finance charge + new purchases = $404.41 ($387.52 - $50 + $4.63 + $62.26).

Data and Calculations:

Date    Payments    Purchases   Balance    Number of Days    Product/Sum

9/1 - 9/5                                        $387.52              5                    $1,937.60

9/6        $50.00                           $337.52               1                       $337.52

9/7 - 9/18                                      $337.52             12                  $4,050.24

9/19                              $62.26   $399.78                1                     $399.78

9/20 - 9/30                                 $399.78               11                  $4,397.58

Total   $50.00            $62.26                                30                 $11,122.72

Thus, the new balance is $404.41 ($399.78 + $4.63).

Learn more about computing credit card balance here: brainly.com/question/4403314