Math Problem Statement
On May 1, the balance on your credit card is $579.30. On May 2, you make a purchase for $85.61. On May 9, you make a payment of $280. On May 17, you make a purchase for $31.22, and on May 29, you make a purchase for $49.25.
Assume the billing date is the 1st of the month and the monthly finance charge is 1.9%.
What is the average daily balance? $Incorrect
What is the monthly finance charge? $Incorrect
What is the balance at the start of the next month? $
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Finance
Average Daily Balance
Interest Calculation
Formulas
Average Daily Balance = (Sum of weighted balances) / (Number of days in billing cycle)
Monthly Finance Charge = Average Daily Balance * Monthly Finance Rate
Theorems

Suitable Grade Level
Grades 1012
Related Recommendation
Credit Card Balance and Monthly Finance Charge Calculation
Calculate Finance Charge Using Average Daily Balance Method with 18% APR
Calculate Average Daily Balance and Finance Charge for Credit Card Account
Finance Charge Calculation using Average Daily Balance Method  August Credit Card Statement
Calculating Average Daily Balance and Finance Charges for Credit Card Billing