Calculated using the average daily balance

Reference no: EM131068541

Please explain in detail. Thank you! We assume that the billing period is one week rather than one month and that the weekly rate is 1%. You begin with a balance of $1000. On day 1, you charge $400. On day 3, you charge $800. On day 6, you make a payment of $300 and you charge $100. Assume that finance charges are calculated using the average daily balance. Find the account balance at the end of the week. (Round your answer to the nearest cent)

Reference no: EM131068541

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