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
$1,937.60
9/6
$50.00
$337.52
$337.52
9/7-9/18
9/19
$62.26
$399.78
$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 = $