Business Math Demystified by Allan G. Bluman

Author:Allan G. Bluman
Language: eng
Format: epub
Tags: -
Publisher: McGraw Hill LLC
Published: 2012-02-03T00:00:00+00:00

SOLUTION:

Step 1. Find the number of days for each unpaid balance.

The balance of $360.25 lasted from July 1 to July 8 or 8 − 1 = 7 days. Then a purchase of $673.87 was made on July 8, so the new balance was $360.25 = $673.87 = $1034.12, and that lasted from July 8 to July 12 or 12 − 8 = 4 days. On July 12 a purchase of $32.50 was made, making the new balance $1034.12 = $32.50 = $1066.62. This balance ran from July 12 to July 20 or 20 − 12 = 8 days. On July 20, a $200 payment was made, so the new balance was $1066.62 − $200.00 = $866.62. (When payments are made, the amount is subtracted from the balance.) This balance went from July 20 to July 27 or 27 − 20 = 7 days. Finally a purchase of $73.87 was made on July 27, bringing the balance to $866.62 = $73.87 = $940.49, which ran from July 27 through the end of the day on July 31. The number of days is 31 − 27 = 4 = 1 = 5 days. One day needs to be added since the month ends on July 31 at midnight. That is, July 27, 28, 29, 30, and 31, or 5 days.

The results can be summarized in table form as shown.

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