Calculate the average daily balance, finance charge, and new balance using the average daily balance method. The account balance on January 1st is $244.53. On January 6th a payment of $150.00 is made. Monthly rate = 1.5% Date Payments Purchases Balance Number of Days Product/Sum 1/1 - 1/5 $244.53 5 1,222.65 1/6 $150.00 $94.53 1 a0 1/7 - 1/31 $94.53 25 2,363.25 Total 31 a1 The average daily balance = a2 : 31 = $ a3. Finance charge = monthly rate * average daily balance = $ a4. New balance = previous balance - payment/credits + finance charge + new purchases = $ a5.
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