document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1042210>Question 1042210</A>: <I><SPAN STYLE=\"word-break: break-all;\"> On April 1, the unpaid balance in an account was $218. A payment of $30 was made on April 11. On April 21, a $40 purchase was made. The finance charge rate was 15% per month of the average daily balance. Find the new balance at the end of April. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #658871 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=658871\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> on april 1, the unpaid balance was 218.<BR>\n" );
document.write( "on april 11, a payment of 30 was made.<BR>\n" );
document.write( "on april 21, a 40 purchase was made.\r<BR>\n" );
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document.write( "from april 1 to april 10, the unpaid balance was 218.<BR>\n" );
document.write( "from april 11 to april 20, the unpaid balance was 218 - 30 = 188 because a 30 dollar deposit to the account was made.<BR>\n" );
document.write( "from april april 21 to april 30, the unpaid balance was 188 + 40 = 228 because a 40 dollar purchase was made.\r<BR>\n" );
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document.write( "you want to find the total daily balance for the month and then divide by the number of days in the month.\r<BR>\n" );
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document.write( "the total balance was:\r<BR>\n" );
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document.write( "april 1 to april 10 is 10 days * 218 = 2180.<BR>\n" );
document.write( "april 11 to april 20 is 10 days * 188 = 1880.<BR>\n" );
document.write( "april 21 to april 30 is 10 days * 228 = 2280.\r<BR>\n" );
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document.write( "the total is 6340.\r<BR>\n" );
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document.write( "divide that by 30 to get an average daily balance of 211.3333333.....\r<BR>\n" );
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document.write( "the finance charge would be .15 * 211.33333..... = 31.7\r<BR>\n" );
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document.write( "here's a tutorial that can help you to understand.\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"http://college-cram.com/study/finance/interest/average-daily-balance/\" target = \"_blank\">http://college-cram.com/study/finance/interest/average-daily-balance/</a>\r<BR>\n" );
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document.write( "here's another one.\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"http://credit.about.com/od/creditcardbasics/qt/avgdailybalance.htm\" target = \"_blank\">http://credit.about.com/od/creditcardbasics/qt/avgdailybalance.htm</a>\r<BR>\n" );
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document.write( "keep in mind that the method is probably the same, but different banks might calculate it differently.\r<BR>\n" );
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document.write( "some will use the actual days in the month.<BR>\n" );
document.write( "some will use a standard 30 day month.<BR>\n" );
document.write( "the bottom line is that they don't all make the same assumptions, so check the bank you're working with to see what their policy is.\r<BR>\n" );
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