Saturday

October 25, 2014

October 25, 2014

Posted by **AR** on Thursday, January 7, 2010 at 9:39am.

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 10:24amI 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 10:56amwhat is -90 + 5

- math (marli) -
**drwls**, Thursday, January 7, 2010 at 11:49amPost 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 10:56pmCalculate 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

**Answer this Question**

**Related Questions**

average daily balance - manuel has a revolving credit account that uses the ...

daily balances - manuel has a revolving credit account that uses the average ...

math - I have a revolving credit account that uses the aerage daily balance to ...

math - I have a revolving credit account that uses the average daily balance to...

Economics-please - Getting back in time, when Nancy wa just about to open her ...

algebra - Calculate the monthly finance charge for the credit card transaction. ...

fiances - Calculate the monthly finance charge for the credit card transaction. ...

finance charges - Calculate the monthly finance charge for the credit card ...

math - Calculate the monthly finance charge for the following credit card ...

Math - Calculate the monthly finance charges for the following credit card ...