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Mathematics, 07.10.2019 19:10 slavenkaitlynn

Calculate the average daily balance, finance charge, and new balance using the average daily balance method.

monthly rate = 1.25%

date payments purchases balance number of days product/sum
9/1 - 9/5 $387.52 5 $1,937.60
9/6 $50.00 $337.52 1 $337.52
9/7 - 9/18 $ $
9/19 $62.26 $399.78 1 $399.78
9/20 - 9/30 $ $
total 30 $
the average daily balance = ÷ 30 = $ .

finance charge = monthly rate x average daily balance = $ .

new balance = previous balance - payment/credits + finance charge + new purchases = $ .

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