3-7 Average Daily Balance
Flashcard
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
+2
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the Average Daily Balance (ADB)?
Back
The Average Daily Balance (ADB) is a method used to calculate the balance of an account over a specific period, typically a month, by averaging the daily balances.
Tags
CCSS.7.NS.A.1C
2.
FLASHCARD QUESTION
Front
How is the Average Daily Balance calculated?
Back
To calculate the Average Daily Balance, sum the daily balances for each day in the billing cycle and then divide by the number of days in that cycle.
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
What is a finance charge?
Back
A finance charge is the cost of borrowing money, typically expressed as a percentage of the outstanding balance, which can include interest and fees.
Tags
CCSS.5.NBT.A.2
4.
FLASHCARD QUESTION
Front
What factors can affect the Average Daily Balance?
Back
Factors that can affect the Average Daily Balance include deposits, withdrawals, fees, and interest earned.
Tags
CCSS.8.EE.A.4
5.
FLASHCARD QUESTION
Front
What is the formula for calculating finance charges based on ADB?
Back
Finance Charge = Average Daily Balance x Monthly Interest Rate.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
What does a higher Average Daily Balance indicate?
Back
A higher Average Daily Balance may indicate more funds are held in the account, which can lead to higher interest earnings or higher finance charges.
7.
FLASHCARD QUESTION
Front
What is the significance of knowing your Average Daily Balance?
Back
Knowing your Average Daily Balance helps in understanding how much interest you may earn or how much finance charges you may incur.
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