On July 15 you plan to purchase a new riding lawn mower for $2,500 using your Gold Card, which has a zero balance. The Gold Card charges 15% and calculates interest based on the average daily balance. You plan to make a $1,000 payment in August. All payments are received and posted on the 10th of each month. What will your balance be on August 31?

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The Answer of On July 15 you plan to purchase a new riding lawn mower for $2,500 using your Gold Card, which has a zero balance. The Gold Card charges 15% and calculates interest based on the average daily balance. You plan to make a $1,000 payment in August. All payments are received and posted on the 10th of each month. What will your balance be on August 31?

On July 15 You Plan to Purchase a New Riding