Find the average daily balance


Problem: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $128.20, a payment of $10 posted on March 13, and a purchase of $35.70 posted on March 23. The billing cycle ends March 31.

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Finance Basics: Find the average daily balance
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