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
To calculate the days of monthly circulation, multiply the average number of copies circulated per day by the number of days in the month. This will give you the total monthly circulation.
To calculate the average mortgage balance, you would add up the total amount owed on all mortgages and then divide that sum by the number of mortgages. This gives you the average balance owed per mortgage.
To calculate the monthly finance charge, you can use the formula: Finance Charge = Average Daily Balance × Daily Periodic Rate × Number of Days in Cycle. Here, the average daily balance is $15, the daily periodic rate is 0.06 (which is 0.0006 when expressed as a decimal), and the number of days is 30. So, the finance charge would be: Finance Charge = $15 × 0.0006 × 30 = $0.27. Thus, the monthly finance charge is $0.27.
$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.
To calculate the monthly credit card payment, you can use the formula: Payment (Balance x (Interest Rate/12)) / (1 - (1 Interest Rate/12)-Number of Months). This formula takes into account the balance on the card, the interest rate, and the number of months you want to pay off the balance.
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.