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Credit card balance method that subtracts payments and credits in this month from balance at end of last month is?
Adjusted Balance Method
When doing the reconciliation of a bank account the beginning balance on the new month's bank statement should always match what?
ending balance of the previous month
Do you pay the statement balance of your credit card or balance every month?
No, I don't maintain my records that well.
What does net 15TH month mean?
It means that the current balance is due on the 15th of the month following the invoice.
What is the correct heading for the trial balance?
Trial Balance for <company> as at <day> <month> <year> Example: Trial Balance for Acme as at 30 April 2014
How do you calculate monthly average balance?
Monthly average balance is the sum of daily balances in a month divided by the number of days in that month.
How do you calculate average yearly balance?
It is calculated by averaging the balance after each day. This is then averaged with the closing balance after each month.
How do you calculate a closing balance?
Opening cash balance is obtaining by looking at the last closing balance. In businesses this is usually done on the first day of the month. So the opening cash balance on the first day of the month will be the same is the closing cash balance of the month before.
I don't understand how much interest will I draw on $50/ for one year?
Each month the bank calculates your average daily balance times the interest rate. Seeing that each month you will gain money from interest being paid out, your average daily balance will be higher. The more money to calculate the interest rate against, the higher the payout.
How do you calculate interest in saving account Ethiopia?
the minimum balance witin the month times times pevailing interest rate multiplied by month and divide by 12
How do you calculate average sale?
Add together the total sales for each month of the year. Divided this total by 12 to find the average.
How do you calculate a 12 month average balance on a loan?
The answer depends on when interest is calculated, how frequently payments are made, the interest rate being charged and the life time of the loan. There are a number of "interest calculators" available on the Internet that can probably show you the answer - working out the answer from scratch means you'll need to add on the interest for each payment / interest cycle over the 12 months and then you can work out the average. If your using this to calculate your interest then an accurate calculation will depened on how your interest is calculated ie. daily monthly semi-annual, or annual. The simplist answer is take the balance of the loan at the end of each month, add them together and then divide by 12
How does the post trial balance differ from the adjusted trial balance?
Post is used at the beginning of the month where trial balance is the balance of your financial statement at the end of the month.
Credit card balance method that subtracts payments and credits in this month from balance at end of last month is?
Adjusted Balance Method
Calculate the finance charge on a credit card balance of 3299.19 at a monthly rate of 1.2.?
To calculate the finance charge, multiply the credit card balance by the monthly interest rate. For a balance of $3,299.19 at a monthly rate of 1.2% (0.012), the finance charge is: Finance Charge = $3,299.19 × 0.012 = $39.59. Therefore, the finance charge for that month is approximately $39.59.
What is the formula to calculate a credit card balance of 513.24 with a 17 daily interestrate making 10.00 payments each month?
The 17% interest is actually an annual rate, so each month you are charged 17%/12=1.42%. There is no simple formula to calculate your monthly balance as far as I know, the best way is to just calculate each month. Month 1: Carry-over Balance: 513.24$ Interest: 1.42% x 513.24 = 7.27$ Payment: 10.00$ Final Balance: 513.24$ + 7.27$ - 10.00$ = 510.51$ Month 2: Carry-over balance: 510.51$ Interest: 1.42% x 510.51 = 7.23$ Payment: 10.00$ Total: 510.15$ + 7.23$ - 10.00$ = 507.74$ Month 3: Carry-over balance: 507.74$ Interest: 1.42% x 507.74 = 7.19$ Payment: 10.00$ Total: 507.74$ + 7.19$ - 10.00$ = 504.94$ ... (I calculated how far it would go using Excel) Month 93: Carry-over balance: 3.12$ Interest: 1.42% x 3.12 = 0.04$ Payment: 3.16$ Total: 3.12$ + 0.04$ - 3.16$ = 0.00$ So, with 17% annual interest rate and a 10.00$ payment every month, it'll take 7 years and 9 months to pay off your bill. You will have spent a total of 923.16$, or 409.92$ in interest on a 513.24$ balance. Credit card balances really suck due to their huge interest.
How can you discover your average grocery cost per month for stores in your area?
The average cost you pay for groceries every month varies from region to region around the country but as a rule of thumb, you can calculate an estimate by taking the number of family members and multiply that by $100-$150 each per month.
