Which Method Sums the Outstanding Balances Owed Each Day During

question 134

Multiple Choice

Which method sums the outstanding balances owed each day during the billing period and divides by the number of days in the period?

• A)Average daily balance
• B)Previous balance
• C)Adjusted balance
• D)Balance calculation method
• E)Simple interest

---

Definitions:

Merit Scholarships

Financial awards for students based on their academic achievements, talents, or other abilities, rather than financial need.

Financial Need

The difference between the cost of attending a school and the family's ability to pay, often considered for determining financial aid eligibility.

Scholarship

Financial support awarded to a student based on academic achievement or other criteria to help pay for education expenses.

Financial Aid

Assistance given to students to help pay for their education, which may include grants, scholarships, loans, and work-study opportunities.