Sally's balance on her credit card is $75.00 on the first day of august. she makes a payment of $18.00 on august 17 and a ne

Question

Sally's balance on her credit card is $75.00 on the first day of august. she makes a payment of $18.00 on august 17 and  a new purchase of $41.00 on august 29. the annual interest rate is 21.25%. what is sally's average daily balance and  finance charge for the month of august?

King · Answer

The  average  daily balance for the month was $84.21, and the  finance charge  for the month was $30.13.     Averages     Given that Sally's  balance  on her credit card is $75.00 on the first day of August, and she makes a payment of $18.00 on August 17 and a new purchase of $41.00 on August 29, and the  annual interest rate  is 21.25%, to determine what is Sally's average daily balance and finance charge for the month of August, the following  calculation  must be made:     75 x ((21.15/12 x 16) / 100) + 75 = A = 86.89  57 x ((21.15/12 x 13) / 100) + 57 = B = 70.06  98 x ((21.15/12 x 3) / 100) + 98 = C = 103.18  (86.89 x 16 + 70.06 x 13 + 103.18 x 3) / 31 = X  84.21 = X  86.89 + 70.06 + 103.18 - 75 - 57 - 98 = Y  30.13 = Y     Therefore, the  average  daily balance for the month was $84.21, and the  finance charge  for the month was $30.13.    Learn more about  averages  in https://brainly.com/question/23455102    #SPJ1

Averages

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