a credit card account has $650 balance on May 5. A purchase of $321 was made on May 14 and a payment was made on May 22 of $500. The next billing date is June 5.

Question

a credit card account has $650 balance on May 5.  A purchase of $321 was made on May 14 and a payment was made on May 22 of $500.  The next billing date is June 5.

A. What is the average daily balance?

B.  If the monthly interest is 1.5% what is the finance charge

bobpursley · Answer

days of 650=14-5 days of 971=22-14=7 days of 471=5+6=11 average daily balance= (650*9/31)+971*7/31 + 471*11/31=you do it.