Calculate the average daily balance, finance charge, and new balance using the average daily balance method.
Monthly rate = 1.75%
Payments Purchases
Balance
Date
9/1 - 9/5
$387.52
Number of Days Product/Sum
- 5 $1,937.60
$337.52
9/6
$50.00
$337.52
9/7 - 9/18
9/19
$62.66
$400.18
$400.18
9/20 - 9/30
Total
30
$
The average daily balance =
V=30 = $