You have an account with a $1500 credit limit that charges 13.25% interest using the average daily balance method.  Assuming a 30-day month, you start with a balance of $350 on Day 1.  On Day 5, you charge $100, and you pay $60 on Day 15.  What is your average daily balance, assuming charges and payments begin the next day? Round your answer to 2 decimal places and do not include the dollar sign

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.