math

posted by .

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 -

    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 -

    what is -90 + 5

  • math (marli) -

    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 -

    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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Economics-please

    Getting back in time, when Nancy wa just about to open her account, and assuming she could choose among credit sources that offered differednt monthly balance determinations, and assunming further that Nancy would increase her outstanding …
  2. math

    I have a revolving credit account that uses the aerage daily balance to calculate finance charges. during april 2007 ( amonth with 30 days) I had an unpaid balance of $445.12 for 18 days and a unpaid balance of $221.38 for 12 days …
  3. math

    I have a revolving credit account that uses the average daily balance to calculate finance charges. during april 2007 ( amonth with 30 days) I had an unpaid balance of $445.12 for 18 days and a unpaid balance of $221.38 for 12 days …
  4. average daily balance

    manuel has a revolving credit account that uses the average daily balance to calculate finance charges. During april 2007( amonth with 30 days) he had an unpaid balance of $445.12 for 18 days and an unpaid balance of $221.38 for 12 …
  5. daily balances

    manuel has a revolving credit account that uses the average daily balance to calculate finance charges. During april 2007( amonth with 30 days) he had an unpaid balance of $445.12 for 18 days and an unpaid balance of $221.38 for 12 …
  6. math

    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. Assume 365 days in a year. (Round your answer …
  7. fiances

    Calculate the monthly finance charge for the 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. $500 balance, 17%, $50 payment previous balance method, …
  8. algebra

    Calculate the monthly finance charge for the 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 answers to the nearest cent.) $300 balance, …
  9. math

    You decide you will buy a stock only if it shows an overall increase over the next 30 days. The first 10 days it has an average daily increase of $0.30. The next 10 days it has an average daily decrease of $0.45. The last 10 days it …
  10. Math

    You decide you will buy a stock only if it shows an overall increase over the next 30 days. The first 10 days it has an average daily increase of $0.30. The next 10 days it has an average daily decrease of $0.45. The last 10 days, …

More Similar Questions