BUSINESS HIGH SCHOOL

Please Help!!Use the credit card information below and the designated method of computing interest to fill in the blanks. (See image)

Adjusted Balance Method-
Interest $______
New Balance $______
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Answers

Answer 1
Answer:

Average Daily Balance ≈ $475.42 Interest ≈ $4.75 New Balance ≈ $369.75

To calculate the interest and the new balance using the Adjusted Balance Method, you first need to find the average daily balance. The Adjusted Balance Method considers the balance after subtracting any payments made during the billing cycle. Here's how to calculate it:

1. Start with the previous balance: $500

2. Add the purchases made during the billing cycle:

  - May 12: $25

  - May 22: $100

  - May 30: $50

  Total purchases = $25 + $100 + $50 = $175

3. Subtract any payments made during the billing cycle:

  - May 20: $110

4. Calculate the average daily balance. To do this, you need to consider the number of days each balance was carried during the billing cycle. Assuming a 30-day billing cycle, here's how you calculate it:

  - For the first 8 days (May 1 to May 8), the balance is $500.

  - For the next 4 days (May 9 to May 12), the balance is $500 + $25 (May 12 purchase).

  - For the next 10 days (May 13 to May 22), the balance is $500 + $25 (May 12 purchase) + $100 (May 22 purchase).

  - For the last 8 days (May 23 to May 30), the balance is $500 + $25 (May 12 purchase) + $100 (May 22 purchase) + $50 (May 30 purchase) - $110 (May 20 payment).

5. Calculate the average daily balance by summing up the balances for each period and dividing by the total number of days in the billing cycle (30 days in this case).

Now that you have the average daily balance, you can calculate the interest using the monthly interest rate of 1% (12% per year):

Interest = Average Daily Balance * Monthly Interest Rate

New Balance = Previous Balance + Purchases - Payments + Interest

Please calculate the average daily balance and then use the interest formula to find the interest and update the new balance.

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