Posted by AR on Thursday, January 7, 2010 at 9:39am.
Saul has an account with a department store. His daily balance
for the first 11 days of April was $225. His daily balance for
the next 6 days was $262.22. For the last 14 days it was $297.33.
What was his finance charge if the store used a rate of 2%?

math  drwls, Thursday, January 7, 2010 at 10:24am
I do not know of any store that computes finance charges on an average daily balance basis. It is usually based upon the unpaid balance at the end of the month. You don't say whether the 2% is a daily or monthly rate.
They probably want you to take 2% of the average balance for the month. That average balance is
(11/30*225) + (6/30*262.22) + (14/30*297.33) = 272.60
2% of that is $5.45

math  marli, Thursday, January 7, 2010 at 10:56am
what is 90 + 5

math (marli)  drwls, Thursday, January 7, 2010 at 11:49am
Post your questions separately, not on someone else's question thread.
Do this by clicking on "Post a New Question"
Add five to 90. You will get a less negative number.

math  ella, Friday, August 10, 2012 at 10:56pm
Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.)
$3,000 balance, 21% rate, $150 payment, average daily balance method
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