Use the average daily balance method to compute the amount of interest that will be charged at the end of the billing cycle. Use a 365-day year.
-Month: April (30 days)Previous month's balance: $960 Interest rate: 21%

A)$14.93
B)$14.07
C)$11.61
D)$17.50

Question

Use the average daily balance method to compute the amount of interest that will be charged at the end of the billing cycle. Use a 365-day year.
-Month: April (30 days)Previous month's balance: $960 Interest rate: 21%

A)$14.93 
B)$14.07 
C)$11.61 
D)$17.50

Quizplus · Accepted Answer

The Answer of Use the average daily balance method to compute the amount of interest that will be charged at the end of the billing cycle. Use a 365-day year.
-Month: April (30 days)Previous month's balance: $960 Interest rate: 21%

A)$14.93 
B)$14.07 
C)$11.61 
D)$17.50

Use the Average Daily Balance Method to Compute the Amount