Question: Apply Average Daily Balance Method (excluding current purchases), solve for the balances. The following table is Ricks revolving credit account activities. The interest rate is

Apply Average Daily Balance Method (excluding current purchases), solve for the balances. The following table is Ricks revolving credit account activities. The interest rate is 18% a year (1.5% per month).

3. Apply Average Daily Balance Method (including current purchases), solve for the balances. Date Type Amount Jan. 1 Balance 1,000 Jan. 2 Payment (1,000) Jan. 15 Purchase 2,000 Feb. 1 Balance (w. int. added) M Feb. 10 Payment (2,000) Feb. 14 Purchase 1,500 Mar. 1 Balance (w. int. added) O Mar. 11 Payment (500) Mar. 20 Purchase 5,000 Apr. 1 Balance (w. int. added) P Apr. 6 Payment (2,000) May 1 Balance (w. int. added) Q

4. Apply Average Daily Balance Method (excluding current purchases), solve for the balances. Date Type Amount Jan. 1 Balance 1,000 Jan. 2 Payment (1,000) Jan. 15 Purchase 2,000 Feb. 1 Balance (w. int. added) R Feb. 10 Payment (2,000) Feb. 14 Purchase 1,500 Mar. 1 Balance (w. int. added) S Mar. 11 Payment (500) Mar. 20 Purchase 5,000 Apr. 1 Balance (w. int. added) T Apr. 6 Payment (2,000) May 1 Balance (w. int. added) U

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