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Computing Average Daily Balance and Finance Charge

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Sept 16 bill date. Previous balance is $1,700
1700 x 3 da = 5,100. I counted Sept 17, 18, 19) not Sept 16
Sept 19. Balance is 5,100
Sept 19 Pymt. 57.00. (5,100 - 57.00 = 5,043). New bal 5,043
(From Sept 19 to Sept 30 I counted 11 days. I did not count Sept 19)
5,043 x 11 days = 55,473. New balance
Sept 30. Charge Home Depot. 55,473 + 1350 = 56,823 new balance
Sept 30 to Oct 3 is 4 days - not counting Sept 30 & per txt I Sept is a 31 day month
So balance of 56,823 x 4 days = 227,292 New balance
Oct 3 Pymt. 227,292 - 57.00 = 227,235. New balance
Balance 227,235 for 4 days = 908,940. Oct 3 to Oct 7, 4 days, not Oct 3
Oct 3. Cash advance. Of $67. 908,940 + 67 = 909,007. Cumulative daily balances.

Avg daily balance = 909,007 / 30 day bill cycle = 30,300.23

Finance charge = 30,300.23 x .0125 = 378.7529 = 378.75
Both these answers were wrong

See my steps what am I doing wrong??

See attached images

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Solution Summary

This solution illustrates how to compute a consumer's average daily balance and finance charge on a revolving account.

$2.19