Exploring Average Daily Balance Concepts

Exploring Average Daily Balance Concepts

Assessment

Interactive Video

Mathematics

9th - 12th Grade

Hard

Created by

Aiden Montgomery

FREE Resource

The video tutorial guides students through an example to help with an assignment. It starts with setting up a calendar and calculating daily balances based on credit card transactions. The tutorial then demonstrates how to find the average daily balance using a spreadsheet. Finally, it explains how to calculate the finance charge using the average daily balance and the annual percentage rate (APR).

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the APR mentioned in the example?

15%

20%

18%

16%

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On which date was the first purchase made that changed the balance?

November 1st

November 3rd

November 4th

November 5th

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the balance on November 6th?

$250

$390

$265

$290

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much was spent on November 20th?

$150

$3

$100

$2000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the balance at the end of November 23rd?

$545

$2548

$540

$2000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What method is suggested to calculate the average daily balance?

Using a calculator manually

Asking a friend

Estimating visually

Using a spreadsheet

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the average daily balance calculated in the video?

$870.43

$873.43

$875.43

$878.43

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