On the 1st of the month, beginning balance of Jacob's charge ...

[abern]

On the 1st of the month, beginning balance of Jacob's charge account is 298.50. A payment of 20 was made on the 15th of the month. It is a 30-day billing cycle. A charge of 45 was made on the 25th of the month. What is the average daily balance?

Question 2

Why is Excel an efficient tool to use for calculation intensive applications such as creating an amortization schedule for a mortgage?
 A) Formulas can be entered once and quickly copied to multiple cells.
  B) Once a spreadsheet is created it can be used as a template for different loan amounts.
  C) A large number of cells can be formatted at once for easy readability.
  D) All of the above

[Awesome]

Answer to Question 1

296.83;

Answer to Question 2

D

[abern]

Excellent

[T4T]

Thanks for the timely response, appreciate it