Monthly average balance is the sum of daily balances in a month divided by the number of days in that month.
120
/ by 12
Divide it by 12...
what formula we are using to prepere monthly Salary in V lookup
Equal monthly amount (over 12 instal) over # days within the specific month
Calculate the average balance and finance charge
multi the unpaid balance by the monthly interest rate
$39.59
For charge cards you would: Divide the balence owed at the end of each day by the number of days in the time period and then apply the interest rate to that.
It is calculated by averaging the balance after each day. This is then averaged with the closing balance after each month.
Calculate the finance charge on a credit card balance of 3,299.19 at a monthly rate of 1.2%.
Calculate the finance charge on a credit card balance of 3,299.19 at a monthly rate of 1.2%.
The formula used to calculate your interest is the principle balance, multiplied by the monthly interest rate. Then you mulitply that by the number of months in which you last paid interest.
The average monthly balance is calculated by adding the ending monthly balance for the period (usually 12 months) and dividing this by the period. e.g. For a period of 12 mos with an ending balance at the end of each month of $12 you would have 12+12+12+12+12+12+12+12+12+12+12+12=144 and 144/12= $12. Therefore the average balance over the period is then $12. Hopes this helps. It is the sum of the end of day balance in the account for each day in the quarter, divided by the number of days in the quarter. http://www.hdfcbank.com/personal/accounts/aqb_pop_up.htm#3 The question did not indicate the period. It is the sum of the end of every day balance in the account divided by the period for which calculations are made. To amplify the sum of daily balances will be divided by number of days, if you need average daily balance, and by months in case you need monthly average etc.
yes
Credit card companies use average daily balance to calculate interest charges. Each day's balance is added together, and then divided by the number of days in the billing cycle.
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