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LSDefine

Simple English definitions for legal terms

average daily balance

Read a random definition: scope of a patent

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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11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
1a2b3c4d26z
11:25
I have no idea why people have so much beef w berkeley's app
I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.
1a2b3c4d26z
11:26
Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on
I 100% agree with the self selection, I also am not even close to touching the medians there. However I think the huge PS plus the video and especially the very specific criteria for the why Berkeley essay is pretty crazy
I'm curious, how bold can one be in those videos? Is it worth making a satirical Jason Statham-action short if the adcoms have no sense of humor?
the more risk you take the higher chance of it backfiring
my instinct would be low humor bc if they have such a complex application I would feel hesitant to use a major part of it as a joke. They clearly take their admissions seriously and a joke video might convey the wrong thing at the wrong time. I think that humor is best put into a PS anecdote where it adds some shine to your personality
safe is always better
All good points
triplethread
11:34
@TheAdoptedOne: amazing
I almost did one for Vanderbilt and my idea was to do a documentary-style vid where I and others talked about me like it was an ESPN 30 for 30.
1a2b3c4d26z
11:36
I was risky in maybe one or two of my essays in that some parts read as slightly humorous, but I really tried to suss out the vibe for each school. I feel like Berk and UMich may be more accommodating of a more "out there" approach than other schools I applied to
1a2b3c4d26z
11:37
but that's literally just going off vibes
it looks like Berk vid is in response to a known prompt. My thinking is it may be a counter to AI by getting people to have to respond to what is essentially an essay prompt but on video
"I think really it’s more the USNWR change that emphasizes employment outcomes in school rankings. Schools want to admit people who have the skills to be more likely to land great jobs even more than before, and being a good interviewer is a very important for that. They want to see you have the soft skills." from a reddit comment
1a2b3c4d26z
11:38
One funny thing when talking to lawyers at work is that they will always say how they wish more law schools had interviews to make sure you can like... talk to people and form sentences
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