Consumers
Students
(no purchases made from January 1 - 4)
Average Daily Balance Method:
$3,000 for 27 days
Daily Balance Method:
$3,000 x (0.05068%) = $1.52
$1.52 x 27 days = $41.05
$3,000 for 27 days
Daily Balance Method:
$3,000 x (0.05068%) = $1.52
$1.52 x 27 days = $41.05
Calculation of Average Daily Balance
No purchases made from January 1 - 4
Average Daily Balance Method:
($0 x 4 days) + ($3,000 x 27 days) ÷ 31 days in the billing period = Average daily balance of $2,612.90
Daily Balance Method:
Not applicable
($0 x 4 days) + ($3,000 x 27 days) ÷ 31 days in the billing period = Average daily balance of $2,612.90
Daily Balance Method:
Not applicable
Total Interest Charged
Average Daily Balance Method:
Average daily balance x Daily interest rate x Number of days in the billing period = $2,612.90 x 0.05068% x 31 days = $41.05
Daily Balance Method:
$0 + $41.05 = $41.05
Average daily balance x Daily interest rate x Number of days in the billing period = $2,612.90 x 0.05068% x 31 days = $41.05
Daily Balance Method:
$0 + $41.05 = $41.05
