Business Finance : 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.

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

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