1. The average daily balance for this credit card account is $187.74.
2. The finance charge for the month of April is $249.22.
The average daily balance for April is the total of the balance for every day in the billing cycle divided by the number of days in the billing cycle.
A billing cycle for a credit card account is usually one month.
Interest rate = 16.15% compounded monthly
Date Activity Amount Balance
April 1 Beginning Balance $1,000.00
April 5 Purchase 29.10 1,029.10
April 12 Payment −225.00 804.10
April 15 Purchase 97.25 901.35
April 23 Purchase 19.00 920.35
April 26 Purchase 28.40 948.75
April 30 Ending Balance 948.75
Total $5,632.05
Average daily balance = $187.735 ($5,632.05/30 days)
Daily interest rate = 0.04425 (16.15%/365)
Finance charge = $249.22 ($187.74 x 0.04425 30 days)
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