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ARTICLE How Is Credit Card Interest Calculated The Schumer box lays out the all important...

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ARTICLE How Is Credit Card Interest Calculated The Schumer box lays out the all important costs of your credit card What are the flat fees And what is the interest rate charged But HOW is that interest calculated when you re buying new stuff all month long It s a multi step process which you can read about here before answering the questions that follow Albert has a credit card with an APR of 20 7 and the following daily balances for this billing period Days 1 3 50 Days 4 10 100 Days 11 25 175 Days 26 30 225 1 What is Albert s daily rate Round to the nearest ten thousandth 2 What is his average daily balance Jagy cox shell 3 Assuming Albert doesn t pay it off in full how much interest is Albert charged for this billing period wah 4 Before making his minimum monthly payment what would Albert s total credit card balance be for this billing period 5 Your calculations calculate interest only for the entire month Most credit card companies compound interest daily What effect would that have on Albert s total balance for this billing pried

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