On the 1st of the Month, the Beginning Balance on Ashley's

question 5

Short Answer

On the 1st of the month, the beginning balance on Ashley's charge account was $1,299.34. A payment of $119 was made on the 14th of the month. Purchases of $67.50 were made on the 21st of the month. The charge account has a 31-day billing cycle with a monthly rate of 1.6%. Using the average daily balance method, what is the new balance?

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Definitions:

Metaphors

A figure of speech in which a word or phrase is applied to an object or action to which it is not literally applicable.

Phonics Approach

An approach emphasizing that reading instruction should focus on teaching the basic rules for translating written symbols into sounds.

Whole-language Approach

An educational methodology that emphasizes the importance of context in reading literacy, promoting learning words as whole pieces of language rather than in phonetic parts.

Fast Mapping

A process that helps to explain how young children learn the connection between a word and its referent so quickly.