On the 1st of the month, the beginning balance on Ashley's charge account was $1,299.34. A payment of $119 was made on the 14th of the month. Purchases of $67.50 were made on the 21st of the month. The charge account has a 31-day billing cycle with a monthly rate of 1.6%. Using the average daily balance method, what is the new balance?

Question

Quizplus · Accepted Answer

The Answer of On the 1st of the month, the beginning balance on Ashley's charge account was $1,299.34. A payment of $119 was made on the 14th of the month. Purchases of $67.50 were made on the 21st of the month. The charge account has a 31-day billing cycle with a monthly rate of 1.6%. Using the average daily balance method, what is the new balance?

On the 1st of the Month, the Beginning Balance on Ashley's