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To calculate the average daily balance, you first determine the balance for each period. From May 2 to May 19 (18 days), the balance is $100, and from May 20 to the end of the month (11 days), the balance is $300. The average daily balance is calculated as follows: [(100 \times 18 + 300 \times 11) / 29 = (1800 + 3300) / 29 = 5100 / 29 \approx 175.86.] Therefore, the average daily balance is approximately $175.86.
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Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance?
$2.99
What is done with the finance charge assessed by a credit card company?
added to the balance
What is done with the finance charge done by a credit card company?
added to the balance
When a finance charge is calculated on the average daily balance when should consumers pay the bill to keep finance charges at a minimum?
Paying the bill as early in the payment period as possible will make the average daily balance lower and therefore minimize the finance charges.
What is the finance charge calculation method for Walmart credit card?
VISA uses Average Daily Balance (including cash advances). The average daily balance method of calculating finance charges uses the average of your balance during the billing cycle. Your average daily is the sum of your balance on each day of the billing divided by the number of days in the billing cycle.
Calculate the average daily balance and finance charge?
Calculate the average balance and finance charge
Is there a program available online that will compute monthly finance charges based on average daily balance?
You would need to do a very specific search. I have never heard of one, no.
Where do you find positive and negative numbers in finance?
In a company balance sheet.In a company balance sheet.In a company balance sheet.In a company balance sheet.
What is done with the finance charge assessed by a credit company?
added to the balance
Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance?
$2.99
What is done with the finance charge assessed by a credit card company?
added to the balance
What is done with the finance charge done by a credit card company?
added to the balance
Can a company make you pay the balance on a car if insurance do not cover it all?
Yes, You still owe the balance of any note owed to your Finance Company.
When a finance charge is calculated on the average daily balance when should consumers pay the bill to keep finance charges at a minimum?
Paying the bill as early in the payment period as possible will make the average daily balance lower and therefore minimize the finance charges.
What is the finance charge calculation method for Walmart credit card?
VISA uses Average Daily Balance (including cash advances). The average daily balance method of calculating finance charges uses the average of your balance during the billing cycle. Your average daily is the sum of your balance on each day of the billing divided by the number of days in the billing cycle.
What happens if you part out a financed car?
You still owe the finance company the balance owed.
Had an accident and the van is a total loss Insurance gave you a check with your your husband's and the finance company's name will the bank cash this with just my and my husband's signatures?
They shouldn't. The finance company has a lien on the insurance money to pay off the loan. The Finance Company will cash the check, pay off the balance and if there is any balance left, send the money to you.
