Homework Answers
The next billing date will June 17.
In order to calculate the average daily balance, we shall ascertain the balance on every day, which is as follows,
May 17 - 18 = 459.21
May 19 - 24 = (459.21 - 62.45) = 396.76
May 25 - 27 = (396.76 + 134.76) = 531.52
May 28 - June 2 = (531.52 + 45.65) = 485.87
June 3 - June 17 = 485.87 - 175 = 310.87
Now add the balance every day and divide it with number of days to get average daily balance, that is as follows,
(Day 1 balance + day 2 balance + day 3 balance + ..........) ÷ 31
=(918.42 + 2380.56 + 1594.56 + 3401.09 + 4663.05) ÷ 31
=12957.68 ÷ 31
= 417.99 or 418.
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(c))?
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