Question

Nancy is reviewing her November credit card statement. Her beginning balance was ​$615 and she made a ​$250 payment on November 10. She made purchases of ​$80 on November​ 5, ​$100 on Novemeber​ 15, and ​$40 on November 30. Her APR is 14​% and the interest was charged using the average daily balance​ method, including current​ purchases, which considers the day of a charge or credit.

Answer 1

Interest = $6.27

HX 1B HY HZ IA Date Particulars Amount Days till Month End Weighted Balance 11/1/2020 Beginning Balance $ 615.00 30 $ 18,450.00 11/10/2020 Payment Made $(250.00) 21 $ (5,250.00) 11/5/2020 Purchases $ 80.00 16 $ 1,280.00 11/15/2020 Purchases $ 100.00 16 $ 1,600.00 11/30/2020 Purchases $ 40.00 1 $ 40.00 Total Weighted Balance 16,120.00 Average Daily balance (Total Balance (30) 537.33 Interest @ 14%/12 6.27 $ 8 9 10 11

HX HY IB Days till Month End 30 21 Date 44136 44145 44140 44150 44165 16 BooooooAWN HZ Particulars Amount Beginning Balance 615 Payment Made -250 Purchases 80 Purchases 100 Purchases 40 Total Weighted Balance Average Daily balance (Total Balance 730) Interest @ 14%/12 IC Weighted Balance =IA2*IB2 =IA3*IB3 =IA4*1B4 =IA5*1B5 =A6*IB6 =SUM(C2:IC6) =IC7/30 =IC8*14%/12