Average daily Balance
Tim Houston purchased a wall unit for $2,400. He made a $700 down payment and financed the balance with an installment loan for 48 months. If Tim’s payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan.
Calculate the average daily balance for October for a revolving credit account with a previous month’s balance of $140 and the following activity.
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| Date | Activity | Amount |
| October 3 | Cash advance | $50.00 |
| October 7 | Payment | $75.00 |
| October 10 | Purchase | $26.69 |
| October 16 | Credit | $40.00 |
| October 25 | Purchase | $122.70 |
