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student
k
17,707
85
[]
student
84643.06?
17,707
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volunteer
yes absolutely
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student
Now b
17,707
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volunteer
Okay, how do you calculate average?
17,707
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student
idj
17,707
90
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student
idk
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volunteer
generally, what's the formula to calculate an average?
17,707
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student
add then divide
17,707
93
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volunteer
so if there are 5 people with heights 1,2,3,4,5; average height would be?
17,707
94
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student
1+2+3+4+5=6/5?
17,707
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student
i mean thats 15/5=3
17,707
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volunteer
yes perfect
17,707
97
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volunteer
so in this case - the formula will be ?
17,707
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volunteer
average balance =
17,707
99
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student
would i add the unpaid balances?
17,707
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volunteer
let's go step by step, let's write the formula first
17,707
101
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volunteer
average balance = total balance/total days?
17,707
102
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student
oh so 84643.06/30?
17,707
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volunteer
yes!
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volunteer
did you fully get it?
17,707
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student
mhm
17,707
106
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student
2821.44
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volunteer
correct :)
17,707
108
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student
now b
17,707
109
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volunteer
c
17,707
110
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student
i mean yea
17,707
111
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volunteer
what do you deduce from the question? what will be the interest?
17,707
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student
ummm
17,707
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volunteer
read the underlined
17,707
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student
oh so add the interest amount
17,707
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volunteer
you just need to calculate the interest for c
17,707
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volunteer
rate of interest = 1.5% amount on which interest will be applicable = average daily balance value of interest would be?
17,707
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student
would i multiply?
17,707
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student
sorry idk how to solve this part its confusing
17,707
119
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volunteer
No problem
17,707
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volunteer
let's look at interest in terms of principal, rate and time?
17,707
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volunteer
I = P*R*T
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student
ok
17,707
123
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volunteer
have you read this?
17,707
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student
mhm
17,707
125
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student
so its PRT?
17,707
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student
oh nvm p=2821.44
17,707
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volunteer
yes
17,707
128
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student
give me one sec movin to the other room
17,707
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volunteer
no worries
17,707
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student
back
17,707
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volunteer
Okay, so P = 2821.44
17,707
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volunteer
R =?
17,707
133
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student
0.015
17,707
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volunteer
absolutely
17,707
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volunteer
T?
17,707
136
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student
30
17,707
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volunteer
look at the question again
17,707
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student
oh daily
17,707
139
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student
365
17,707
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volunteer
1.5% interest for the month of june on the daily balance
17,707
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volunteer
so it means that 1.5% is monthly so T=1
17,707
142
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student
n=365
17,707
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volunteer
what is n?
17,707
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volunteer
I = PRT
17,707
145
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student
n stands for the number of times interest is compounded per year
17,707
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student
o
17,707
147
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student
oh ok
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volunteer
yeah, but we are not looking at compounding
17,707
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volunteer
we only need to find the interest for the month of june
17,707
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student
now multiply all of that?
17,707
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volunteer
Yeah, but did you get why T=1?
17,707
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student
u said it was
17,707
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student
1
17,707
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student
u said so T=1
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volunteer
yeah, i am asking did you understand why i did so?
17,707
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student
Uh no bc it says daily and not month and u said bc of month
17,707
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volunteer
it says - an interest of 1.5% on the 'average daily balance (P)' for june
17,707
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volunteer
so it implies that 1.5% is for the full month of june and not a daily rate of interest. i
17,707
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volunteer
if the question had said 1.5% per day on the average daily balance then T would be different
17,707
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student
oh i see
17,707
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volunteer
In this case question says that 1.5% interest rate for the month of june. hence we took t=1 because we are only calculating for June
17,707
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volunteer
Hope this is clear, you can ask if there is any doubt
17,707
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student
Now d
17,707
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volunteer
what do you understand from the question?
17,707
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student
so
17,707
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student
so we have to add 42.32 to something
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volunteer
what do you think is something here?
17,707
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student
the 84643?
17,707
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volunteer
what should you pay at the end of june? the amount you have spent right? in this case - did the person spend 84K?
17,707
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student
thats the unpaid balance
17,707
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volunteer
thats the unpaid balance X number of days
17,707
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volunteer
what's the unpaid balance at the end of june?
17,707
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volunteer
after the last transaction?
17,707
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student
1904
17,707
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student
194k*
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volunteer
try again, when we calculated the last column = we did unpaid balance X no. of days
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volunteer
the question is only about unpaid balance
17,707
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volunteer
so after the last transaction what is the unpaid balance?
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volunteer
read the line 4
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student
ok
17,707
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volunteer
what's the unpaid balance?
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student
3234
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volunteer
great, was there any transaction post june 25?
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