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) $ 17.62
B) $ 14.16
C) $ 15.03
D) $ 11.69

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) $ 17.62 
B) $ 14.16 
C) $ 15.03 
D) $ 11.69

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) $ 17.62 
B) $ 14.16 
C) $ 15.03 
D) $ 11.69

Use the Average Daily Balance Method to Compute the Amount