Account Sheet for the Month of November

Account Sheet for the Month of November

Date Transaction Transaction Amount Closing Credit Balance No of days Closing credit

No. of days

Debit Credit

1-Nov Opening Balance $600 4.00 $2,400

5-Nov Purchases Made $80 $680 5.00 $3,400

10-Nov Payments made $200 $480 5.00 $2,400

15-Nov Purchases Made $100 $580 15.00 $8,700

30-Nov Purchases Made $50 $630 1.00 $630

Closing Balance $630

Total 30.00 $17,530

Average daily Balance $584.33

APR 16%

Interest Based on Average Daily Balance $7.79

In calculating the interest for your monthly statement, the previous monthly balance, any purchases, any payments, the monthly finance charge (if there is one), and any credits are weighted on a daily basis as they occur. In other words, the interest is calculated daily on the balance for that day

Interest Based on Previous Balance Method $8.00

Previous Balance Method: With this method, interest charges are calculated on the previous monthly balance and before purchases and/or payments are placed on the bill. The caution with this method is that if your previous balance was zero, you would have no interest charge for this month.

Interest based on the adjusted balance method $5.33

Adjusted Balance Method: This is the least expensive method for consumers. In this method, any payments or credits during the month are subtracted from