Statement of account billing cycle june 1 30 june 2 previous...

STATEMENT OF ACCOUNT Billing cycle: June 1 - 30 June 2 Previous month's balance $264.74 June 6 Kim's Paints $54.95 June 12 Payment $112.00 June 15 Biggie Supermarket (credit) $43.47 June 28 Lamont's Bikes $130.98

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Transcript

00:01 So i see that you need help with this problem.

00:03 And i was able to find a picture of it online on google images to help with exactly what you had to do in the numbers and what they went with.

00:14 So you have to calculate the average daily balance in money for october for a revolving credit account with the previous month's balance of $120.

00:23 And the following activity.

00:27 So what you're going to have to do is in order to find the average daily balance, we're starting off with $120, okay? and it's for two days, the first and the second.

00:39 So that is a total of $240.

00:42 Okay? then october 3rd comes and you have a cash advance of $50.

00:47 So then that moves up the balance to $170.

00:52 And that it goes from the third to the seventh.

00:55 So that is four days.

00:57 So now you, that's a total of $680.

01:01 Then you have a payment of $75.

01:03 So then your balance goes down to $95 for three days.

01:09 And that 95 times three is $285.

01:14 Then you have a purchase of $27 .59.

01:17 So your balance goes back up to $122 .59.

01:22 And that is for six days from the tenth to the six.