Ellie’s credit card bill was $3,900. Her average daily balance was $1,704. The APR is 18%....
Ellie’s credit card bill was $3,900. Her average daily balance was $1,704. The APR is 18%. If she only pays $3,000 of the balance, how much interest will be added if the bank uses the average daily balance method?
Homework Answers
Interest under average daily balance = Average daily balance*APR*1/12
1704*18%*1/12
=$25.56
So interest $25.56 will be added if the bank uses the average daily balance method
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