document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1135814>Question 1135814</A>: <I><SPAN STYLE=\"word-break: break-all;\"> John Smith has a credit card that charges 15​% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 30 days. For 14 days his balance was ​$2,536.42. For 7 days the balance was $1,536.42 9 days the balance was ​$1,835.63. Find the average daily balance. Find the amount of interest.(Round to the nearest cent as​ needed </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #753560 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=753560\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> balance of $2536.42 * 14 days equals a total of $35509.88.<BR>\n" );
document.write( "balance of $1536.42 * 7 days equals a total of $10754.94.<BR>\n" );
document.write( "balance of $1835.63 * 9 days equals a total of $16520.67.\r<BR>\n" );
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document.write( "total balance for 30 days is $35509.88 + $10754.94 + $16520.67 = $62785.49.\r<BR>\n" );
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document.write( "average daily balance for 30 days is $62785.49 / 30 = $2092.849667.\r<BR>\n" );
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document.write( "interest charged would be 15% / 100 / 365 * 30 * $2092.849667 = $25.80 rounded to the nearest penny.\r<BR>\n" );
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document.write( "the daily interest rate would be 15 / 100 / 365 = .0004109589041.\r<BR>\n" );
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document.write( "this rate is multiplied by $2092.849667 to get the daily finance charge of .8600752056.\r<BR>\n" );
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document.write( "the daily finance charge of .8600752056 is multiplied by 30 to get the finance charge of $25.80 rounded to two decimal places for the billing cycle.\r<BR>\n" );
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document.write( "this assumes no daily compounding.\r<BR>\n" );
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document.write( "if daily compounding is included, the formula is more complex and the interest charge for the billing cycle is slightly higher.\r<BR>\n" );
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document.write( "here's a reference.\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"https://www.nerdwallet.com/blog/credit-cards/how-credit-card-interest-calculated/\" target = \"_blank\">https://www.nerdwallet.com/blog/credit-cards/how-credit-card-interest-calculated/</a>\r<BR>\n" );
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document.write( "different banks use different methods so it's always good to check your bank's method before trying to do the calculations yourself.\r<BR>\n" );
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