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LSDefine

Simple English definitions for legal terms

average daily balance

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A quick definition of average daily balance:

Average Daily Balance: The average amount of money in an account, like a bank account or credit card account, during a certain time period. This is used to calculate the interest or finance charge for that period. It's like finding the middle amount of money you had in your account each day, and using that to figure out how much you owe or how much you'll earn in interest.

A more thorough explanation:

Definition: Average daily balance refers to the average amount of money in an account, such as a bank account or credit-card account, during a given period. This amount serves as the basis for computing interest or a finance charge for the period.

Example: Let's say you have a credit card with a balance of $1,000. On the first day of the billing cycle, your balance is $1,000. On the second day, you make a payment of $500. Your balance for that day is $500. On the third day, you make another payment of $200. Your balance for that day is $300. This continues for the rest of the billing cycle. At the end of the billing cycle, the credit card company will add up the daily balances and divide by the number of days in the billing cycle to get the average daily balance. This is the amount on which they will calculate the interest or finance charge for the period.

Explanation: The example illustrates how the average daily balance is calculated for a credit card account. The credit card company adds up the daily balances and divides by the number of days in the billing cycle to get the average daily balance. This amount is used to calculate the interest or finance charge for the period.

average cost | average gross sales

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JumpySubsequentDolphin
11:32
hot yoga was fun
JumpySubsequentDolphin
11:32
i loved barre and pilates when i did them together
m10
11:33
Here's an article from Testosterone nation for all you men out there on why stretching is bullshit. https://archive.t-nation.com/training/stretching-is-b-s/
snow
11:36
M so close to crashing out
BulbasaurNoLikeCardio
11:36
@babycat: If the person I am mentoring decides to listen to my advice instead of just discussing my advice I will pay you to tutor her. You seem like a smart, good and well put together person that she can probably learn well from.
babycat
11:37
Aw that’s so sweet Bulbasaur <3
11:39
@m10: stretching absolutely helps with tight tendons lol
11:39
now kiss
m10
11:40
@EvolBunny: Indeed! I am just riffing. Practicing for when I get into Chicago and do standup there on the weekends and get mad pussy.
11:40
You only do cardio on the weekends ;)
babycat
11:40
@m10: I have a friend that does this but he doesn’t get mad pussy
m10
11:40
I'll work that in! Sounds like a good way to segway.
m10
11:41
@babycat: yeah, well unlike 99.99% of people who do standup I will.
BulbasaurNoLikeCardio
11:41
To do stand up comedy you have to have fat balls, that is awesome
m10
11:41
Woah, I got little balls. Like Adam Friedland. I ain't no Stavros.
what are we hoping for today?
m10
11:44
Nothing. No news is good news for me.
11:44
Crickets coming from my status update
babycat
11:45
dk are we gonna go to a homoerotic law school together?
11:45
@m10: at undergrad froshers: https://www.youtube.com/watch?v=6YEarMyIAzs
m10
11:46
@EvolBunny: God damn, classic Randy.
babycat
11:48
Going to law school with you is even more fun than going to San Sebastian, Irún, Hendaye, Biarritz, Bayonne or being sick to my stomach on the Travesera de Gracia in Barcelona partly because in your orange shirt you look like a better happier St. Sebastian partly because of my love for you, partly because of your love for yoghurt partly because of the fluorescent orange tulips around the birches partly because of the secrecy our smiles take on before people and statuary
m10
11:49
Man, there is this girl I visit every month at this one restaurant who I used to go skinny dipping with naked like @ararara always talked about in San Diego. We randomly reconnected like two months ago at this place she works at and we talk a lot about John Steinbeck books. If I don't visit her this month, she might be sad. However, this is my first day not sick and I worry about getting her sick and I am broke. What should I do LSD?
m10
11:49
Thanks @babycat that means a lot!
m10
11:50
Glad we can both be content at Scalia law. One of my favorites.
you can ask her if she wants to risk getting sick
11:50
hi lsd
m10
11:50
I dont have her number or any social media. This is one of those regular kinda things in restaurant and bar culture.
11:50
berk td is unlikely so BERK MONDAY :eyes:
hi eggan :)
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