Calculate ADB/Finance Charge and create a sample statement summary that fits the data from August 31st thru September 30th.

Assume that the Statement closing date is September 30th and a payment of $300 was made during Sept. For 1 & 2 assume a 12% APR, for 3 & 4 assume 18% APR:)Sept 1st Charge $ 150Sept 10th Charge $ 50Sept 13th Charge $ 25Sept 30th Charge $ 50

Sept 9th Charge $ 500Sept 10th Charge $ 50Sept 13th Charge $ 125Sept 28th Charge $ 338Sept 30th Charge $ 75

Sept 17th Charge $ 15Sept 18th Charge $ 5Sept 19th Charge $ 127Sept 20th Charge $ 25Sept 30th Charge $ 10

Sept 1st Charge $ 150Sept 3rd Charge $ 75Sept 10th Charge $ 50Sept 13th Charge $ 25Sept 30th Charge $ 50

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Team #4On September 1st I purchased zzzzz & charged $150 on my credit card. On September 3rd I bought mmmmm for $75 and charged it, too. … etc.I made one payment during the month of $300. My APR is 18%.

The Average Daily Balance (ADB) for the month of September was $ xxx:

# DaysAmount Charged

Extended Amount

2 Days @ $ 150 $300

x Days @ etc etc

Totals30 $ xxxx $ xx,xxx

ADB= $xx,xxx/30= $ x,xxx

My APR is 18% (annually). Hence my MPR (monthly ) is 18%/12= 1.5%.

If I do not pay on time the Finance Charge will be $x.xx

( .015 )(ADB)= $x.xx

The Summary Table at the bottom of my credit card statement will look this: