A

Dates
15/8 - 17/8
18/8 - 20/8
21/8
22/8 - 8/9
9/9-10/9
11/9-12/9
13/9-14/9

B
# of days
3
3
1
18
2
2
2
31

C
BxC
Balances Aggregate Balance
5,300
15,900
5,930
17,790
6,180
6,180
8,480
152,640
8,800
17,600
8,895
17,790
9,445
18,890
246790

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
246,790
31

7,960.97

ii) Total interest charged

ADB * monthly Interest charged
7,960.97

1.50%

119.41

iii) Amount of outstanding balance

end of month balance * total interest charged
9,445

119.41

9,564.41

iv) Minimum payment

Outstanding balance * minimum payment rate
9,564.41

5%

478.22

v) Outstanding balance after minimum payment

outstanding balance - minimum payment
9,564.41

478.22

9,086.19

Start Date
8/15/2015
Closing Date 8/14/2015
Purchase
Repayment
Rebate
Refund

Add to balance
Deduct from balance

int charged
Min payment

18%
5%

annually

A
Dates
15/9
16/9
17/9-19/9
20/9-21/9
22/9-29/9
30/9-4/10
5/10-12/10
13/10-14/10

B
# of days
1
1
3
2
8
5
8
2
30

C
BxC
Balances Aggregate Balance
14,000
14,000
14,450
14,450
14,550
43,650
14,620
29,240
13,120
104,960
13,470
67,350
13,770
110,160
13,860
27,720
411,530

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
411,530
30

13,717.67

ii) Total interest charged

ADB * monthly Interest charged
13,717.67

1.50%

205.77

iii) outstanding balance

end of month balance * total interest charged
13,860

205.77

14,065.77

iv) Minimum payment

Outstanding balance * minimum payment rate
14,065.77

5%

703.29

v) Outstanding balance after minimum payment

outstanding balance - minimum payment
14,065.77

703.29

13,362.48

Start Date
9/15/2015
Closing Date 10/14/2015
Purchase
Repayment
Rebate
Refund

Add to balance
Deduct from balance

int charged
Min payment

18%
5%

annually

A
Dates
16/3-17/3
18/3-19/3
20/3-5/4
6/4-9/4
10/4-12/4
13/4
14/4-15/4

B
# of days
2
2
17
4
3
1
2
31

C
BxC
Balances Aggregate Balance
1,200
2,400
2,180
4,360
2,430
41,310
2,709
10,836
709
2,127
889
889
1,189
2,378
64,300

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
64,300
31

2,074.19

ii) Total interest charged

ADB * monthly Interest charged
2,074.19

1.50%

31.11

iii) outstanding balance

end of month balance * total interest charged
1,189

31.11

1,220.11

iv) Minimum payment

Outstanding balance * minimum payment rate
1,220.11

5%

61.01

v) Outstanding balance after minimum payment

outstanding balance - minimum payment
1,220.11

61.01

1,159.11

Start Date
3/16/2015
Closing Date 4/15/2015
Purchase
Repayment
Rebate
Refund

Add to balance
Deduct from balance

int charged
Min payment

18%
5%

annualy

A
Dates
1/8-3/8
4/8
5/8-9/9
10/8-16/8
17/8-31/8

B
# of days
3
1
5
7
15

31

C
BxC
Balances Aggregate Balance
1,500
4,500
2,350
2,350
2,700
13,500
3,300
23,100
3,850
57,750
101,200

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
101,200
31

3,264.52

ii) Total interest charged

ADB * monthly Interest charged
3,264.52

1.5%

48.97

iii) outstanding balance

end of month balance * total interest charged
3,850

48.97

3,898.97

iv) Minimum payment

Outstanding balance * minimum payment rate
3,898.97

5%

194.95

v) Outstanding balance after minimum payment

outstanding balance - minimum payment
3,898.97

194.95

3,704.02

Start Date
8/1/2013
Closing Date 8/31/2013
Purchase
Repayment
Rebate
Refund

int charged
Min payment

1.5%
5%

Add to balance
Deduct from balance

Note:
Assuming the hotel bill payable during the checkout, not during the day her boss instructed her to

monthly

ay her boss instructed her to go.

A
Dates
1/3-9/3
10/3-13/3
14/3-21/3
22/3-24/3
25/3-27/3
28/3-31/3

B
# of days
9
4
8
3
3
4

31

C
BxC
Balances Aggregate Balance
1,200
10,800
1,273
5,092
1,453
11,624
453
1,359
1,553
4,659
2,033
8,132
41,666

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
41,666
31

1,344.06

ii) Total interest charged

ADB * monthly Interest charged
1,344.06

1.5%

20.16

iii) outstanding balance

end of month balance * total interest charged
2,033

20.16

2,053.16

iv) Minimum payment

Outstanding balance * minimum payment rate
2,053.16

5%

102.66

v) Outstanding balance after minimum payment

outstanding balance - minimum payment
2,053.16

102.66

1,950.50

Start Date
1/3
Closing Date 31/3
Purchase
Repayment
Rebate
Refund

Add to balance
Deduct from balance

int charged
Min payment

18%
5%

annually

A
Dates
16/3
17/3-19/3
20/3
21/3-22/3
23/3-30/3
31/3
1/4-3/4
4/4
5/4-10/4
11/4-15/4

B
# of days
1
3
1
2
8
1
3
1
6
5
31

C
BxC
Balances Aggregate Balance
8,450
8,450
9,270
27,810
9,820
9,820
9,960
19,920
10,950
87,600
10,770
10,770
8,390
25,170
8,690
8,690
8,900
53,400
9,820
49,100
300,730

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
300,730
31

9,700.97

ii) Total interest charged

ADB * monthly Interest charged
9,700.97

1.5%

145.51

iii) outstanding balance

end of month balance * total interest charged
9,820

145.51

9,965.51

iv) Minimum payment

Outstanding balance * minimum payment rate
9,965.51

5%

v) Outstanding balance after minimum payment

outstanding balance - minimum payment

498.28

9,965.51

498.28

9,467.24

Start Date
3/16/2013
Closing Date 4/15/2013

int charged
Min payment

Purchase
Repayment
Rebate
Refund

3,600 / 12 month

Add to balance
Deduct from balance

18%
5%

SGD220 * RM2.50
SGD74*2 tickets* RM2.50

QUESTION:
According to the question, the refund of RM180 was wrongly debited to Jerry's account
in February 2013 but credited to his account on 31/3/2013.
Should the refund appear in March statement?
Yes

annually

300 pay every 4th of the month

550
370

to Jerry's account

Total Agg Balance

Number of days
Interest Rate
Minimum payment
opening balance
closing balance
payment

RM 110,000
30
18%
annually
5%
RM
8,500
RM
9,400
RM
1,200

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
110,000
30

3,666.67

ii) Total interest charged

ADB * monthly Interest charged
3,666.67

1.5%

55.00

8,255.00

412.75

7,842.25

iii) outstanding balance

end of month balance * total interest charged
8,200

55.00

iv) Minimum payment

Outstanding balance * minimum payment rate
8,255.00

5%

v) Outstanding balance after minimum payment

outstanding balance - minimum payment
8,255.00

412.75

Purchase
Repayment
Rebate
Refund

Add to balance
Deduct from balance

QUESTION:
for this type of question, should I deduct the payment amount of RM1,200
from the closing balance amount?
This is quite a tricky question.
No, because it was incorparated in the total aggregate balance.

ount of RM1,200

A
Dates
1/9-2/9
3/9-6/9
7/9-14/9
15/9-24/9
25/9-29/9
30/9

B
# of days
2
4
8
10
5
1

30

C
BxC
Balances Aggregate Balance
2,100
4,200
2,500
10,000
3,800
30,400
4,760
47,600
2,260
11,300
2,780
2,780
106,280

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
106,280
30

3,542.67

ii) Total interest charged

ADB * monthly Interest charged
3,542.67

1.5%

53.14

iii) outstanding balance

end of month balance * total interest charged
2,780

53.14

2,833.14

iv) Minimum payment

Outstanding balance * minimum payment rate
2,833.14

5%

v) Outstanding balance after minimum payment

outstanding balance - minimum payment

141.66

2,833.14

141.66

2,691.48

Start Date
9/1/2012
Closing Date 9/30/2012
Purchase
Repayment
Rebate
Refund

Add to balance
Deduct from balance

int charged
Min payment

18%
5%

annually

A
Dates
16/8
17/8-18/8
19/8
20/8-27/8
28/8-30/8
31/8-4/9
5/9-6/9
7/9-15/9

B
# of days
1
2
1
8
3
5
2
9

31

C
BxC
Balances Aggregate Balance
7,100
7,100
8,400
16,800
8,455
8,455
8,855
70,840
8,925
26,775
5,925
29,625
6,195
12,390
6,855
61,695
233,680

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
233,680
31

7,538.06

ii) Total interest charged

ADB * monthly Interest charged
7,538.06

1.5%

113.07

iii) outstanding balance

end of month balance * total interest charged
6,855

113.07

6,968.07

iv) Minimum payment

Outstanding balance * minimum payment rate
6,968.07

5%

v) Outstanding balance after minimum payment

outstanding balance - minimum payment

348.40

6,968.07

348.40

6,619.67

Start Date
8/16/2011
Closing Date 9/15/2011
Purchase
Repayment
Rebate
Refund

int charged
Min payment

Add to balance
Deduct from balance

QUESTION:
This question does not provide Minimum Payment Rate.
Therefore, I assumed the min payment rate is 5%
Is it correct?
Yes
Returned ipad : minus

18%
5%

annually

A
Dates
15/8
16/8
17/8-19/8
20/8-21/8
22/8-29/8
30/8-4/9
5/9-12/9
13/9-14/9

B
# of days
1
1
3
2
8
6
8
2

31

C
BxC
Balances Aggregate Balance
5,500
5,500
5,920
5,920
6,020
18,060
4,020
8,040
4,320
34,560
4,720
28,320
5,100
40,800
5,200
10,400
151,600

i) Average daily balance (ADB)

Total Agg Balance
Total # of days
151,600
31

4,890.32

ii) Total interest charged

ADB * monthly Interest charged
4,890.32

1.5%

73.35

iii) outstanding balance

end of month balance * total interest charged
5,200

73.35

5,273.35

iv) Minimum payment

Outstanding balance * minimum payment rate
5,273.35

5%

v) Outstanding balance after minimum payment

outstanding balance - minimum payment

263.67

5,273.35

263.67

5,009.69

Start Date
8/15/2011
Closing Date 9/14/2011
Purchase
Repayment
Rebate
Refund

Add to balance
Deduct from balance

int charged
Min payment

18%
5%

annually