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April 17, 2014

Homework Help: Algbra

Posted by Sarah on Tuesday, December 4, 2012 at 4:28am.

Marsha must have surgery and she does not have the $2,700 cash necessary for the operation. Talking to an administrator at the hospital, she finds that it will accept MasterCard, VISA, and Discover credit cards. All of these credit cards have an APR of 13%, so she figures that it does not matter which card she uses, even though she plans to take a year to pay off the loan. Assume that Marsha makes a payment of $350 and then receives a bill. Show the interest from credit cards of 13% APR according to the previous balance, adjusted balance, and average daily balance methods. Assume that the month has 31 days and that it takes 14 days for Marsha's payment to be mailed and recorded. (Round your answers to the nearest cent.)


previous balance method

$ . 29.25



adjusted balance method

$ . 25.46



average daily balance

$ ....???




I can't figure out average daily balance. the answer i'm getting is 26.36, which is wrong.

please tell me where i did wrong.

10x2700 + 20x2350 = /30= * .13 * 30/365=25.36

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