Average Daily Balance = Sum of Daily Balances + Number of Days Finance Charge = Periodic...
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Average Daily Balance = Sum of Daily Balances + Number of Days Finance Charge = Periodic Rate X Average Daily Balance 1. Fill in the table below. Billing Periods 09/01 – 9/10 09/11 End-of-day- Number of Payments Sum of Balances balance Days $410.20 10 $4,102.00 $150.00 260.20 260.20 09/12-9/30 260.20 19 30 4,362.20 TOTALS What is the average daily balance without new purchases? 145, 40 2. Compute the average daily balance, finance charge, and new balance as of July 1 using the average-daily-balance method where no new purchases are included. The periodic rate is 1.4 percent. Date Transaction Amount June 1 Balance $800.00 June 11 200.00 Payment Purchase June 25 150.00 Just Tyments no new Purchases Billing End-of-day- Number of Sum of Balances Payments Days 10 Periods balance 900 8 000 200.00 06/1 06/25 800 TOTALS 10 Finance charge- 11,20 Please correct any errors and fill in the tables finding the average daily balances, number of days, end of day balance, sum of balances, payments billing periods. Average Daily Balance = Sum of Daily Balances + Number of Days Finance Charge = Periodic Rate X Average Daily Balance 1. Fill in the table below. Billing Periods 09/01 – 9/10 09/11 End-of-day- Number of Payments Sum of Balances balance Days $410.20 10 $4,102.00 $150.00 260.20 260.20 09/12-9/30 260.20 19 30 4,362.20 TOTALS What is the average daily balance without new purchases? 145, 40 2. Compute the average daily balance, finance charge, and new balance as of July 1 using the average-daily-balance method where no new purchases are included. The periodic rate is 1.4 percent. Date Transaction Amount June 1 Balance $800.00 June 11 200.00 Payment Purchase June 25 150.00 Just Tyments no new Purchases Billing End-of-day- Number of Sum of Balances Payments Days 10 Periods balance 900 8 000 200.00 06/1 06/25 800 TOTALS 10 Finance charge- 11,20 Please correct any errors and fill in the tables finding the average daily balances, number of days, end of day balance, sum of balances, payments billing periods.
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Related Book For
Introduction to Probability and Statistics
ISBN: 978-0495389569
13th edition
Authors: William Mendenhall, Robert J. Beaver, Barbara M. Beaver
Posted Date:
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