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Graphic organizer Ch 7

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					                                             Section 7.2 Unpd Balance Method
                                             Unpd Balance= Previous Balance -
   Section 7.1 New Balance=Previous                (Payments + Credits)
Balance+Finance Charge+New Purchases     Finance Charge = Unpd Balance x Periodic
         - (Payments + Credits)                            Rate
                                          New Balance = Unpd Balance + Finance
                                                Charge + New Purchses



                               Charge Accounts and
                                   Credit Cards


   Section 7.3 Average Daily Balance         Section 7.4 Average Daily Balance
      Method (No New Purchses)               Method (New Purchases Included)
   Avr. Daily Balance= Sum of Daily           Avr. Daly Balance = Sum of Daily
 Balances/number of days (use Chart)       Balances/Number of days (Use Chart)
 Finance Charge = Avr. Daily Balance x      Finance Charge=Avr. Daily Balancex
            Periodic rate                             Periodic rate
New Balance = Unpd Balance + Finance       New Balance=Unpd Balance +Finance
       charge + New Purchses                    Charge+ New Purchases

				
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posted:8/7/2012
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