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

[ereecah]

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 2

Nina Jessup has an unpaid balance of 265 on her credit card with an interest rate of 1.8. What is the interest charged on the account for the month?

[amy.lauersdorf90]

Answer to Question 1

1,267.91;

Answer to Question 2

4.77;