Question

Saul has an account with a department store. His daily balance for the first 11 days of April was $225. His daily balance for the next 6 days was $262.22. For the last 14 days it was $297.33. What was his finance charge if the store used a rate of 2%? will mark brainliest and i will follow u if answer is correct thx to anyone who helps

Answer 1

GiVen:-

• Daily balance for the first 11 days of April was $225.
• Daily balance for the next 6 days was $262.22.
• Daily balance forthe last 14 days it was $297.33.
• Storage rate= 2%

AnSwer:-

According to the weighted average method,

$\implies \sf \: 225 \times 11 days </p><p> \\ \implies \sf \: 2,475 \times 262.22 \times 6 days \\ \implies \sf \: 1,573.32 \times 297.33 \times 14 days \\ \implies \sf \: 4,162.62</p><p>$

Add 3 and divide by 31 to find the average daily balance :-

$\sf \:Average \: daily \: balance = \\ \sf \implies \: 2,475 + 1,573.32 + 4,162.62 / 31 days \\ \sf \implies 264.87$

Last, compute for the finance charge.

$\sf \: Interest : - \\ \sf = 236.10 \times 2\% \\ \sf = 5.30$