Average daily Balance

Apr 3rd, 2015
Anonymous
Category:
Business Finance
Price: $5 USD

Question description

Tim Houston purchased a wall unit for $2,400. He made a $700 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan.

Calculate the average daily balance for October for a revolving credit account with a previous month's balance of $140 and the following activity.

DateActivityAmount
October 3Cash advance$50.00
October 7Payment$75.00
October 10Purchase$26.69
October 16Credit$40.00
October 25Purchase$122.70

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