Question

I need help on this question I am running out of time

Answer 1

@sammixboo help

Answer 2

@agent0smith @bruh_no

Answer 3

help please!

Answer 4

@plainntall

Answer 5

Running out of time? hmm thats a test.

Answer 6

its homework

Answer 7

This is more than just math, it is consumer math with special definitions.
What is the daily average balance?
It is the sum of the balance divided by the number of days in the billing cycle.
From 4/25 to 5/8 you have 14 days with a daily balance of $300.00
From 5/9 to 5/13 you have 5 days with $400.00
From 5/14 to 5/24 you have 11 days with $500.00 so that's
(14x$300+5x$400+11x$500)/30
right?

Answer 8

yes I agree @plainntall

Answer 9

So 13 is $390?

Answer 10

that's what I got with google calc is it right?

Answer 11

I am not sure. I know math, but not credit card accounting. From what I am reading it is correct.

For 14 you need to find the daily interest rate which if found by dividing the APR by 365 days, the number of days in a standard year.

Answer 12

how do I do that?

Answer 13

We are told the APR is 14.6% which is .146
Just divide that by 365

Answer 14

@Janu16 is 390.00 right for the answer?
its consumer math

Answer 15

its $2500 for 14 is it right

Answer 16

That doesn't sound correct. I would be upset if I had to pay $2500 interest on an average balance of $390.

.146/365 = .0004 or .04 % for the daily interest.

To find the interest we multiple the daily average balance times the daily interest rate times the number of days so
($390.00)(.0004)(30) = ?

Answer 17

I got $4.68 ??

Answer 18

Great, that's what I got.
The new balance would be the ending principal balance plus the interest for the month.

Answer 19

@agent0smith is the answer right on #13 $390.00?

Answer 20

He's afk, ask him later :)

Answer 21

afk? how do I do number 15 @plainntall
is it $4.68-the 390

Answer 22

It is the end balance ($500) plus the interest ($4.68)

Answer 23

its 504.68

Answer 24

sorry i couldn't help i had a load of test as well! @pphalke