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LSDefine

Simple English definitions for legal terms

daily balance

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A quick definition of daily balance:

Daily balance refers to the amount of money in an account at the end of each day. This is important because it determines how much interest is accrued or paid on the account. Average daily balance is the average amount of money in an account over a certain period of time, and is used to calculate interest or finance charges. Essentially, daily balance is the final accounting for a day, while average daily balance is the average amount over a period of time.

A more thorough explanation:

Daily balance: The final accounting for a day on which interest is to be accrued or paid.

Average daily balance: 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.

For example, if you have a bank account with a balance of $1000 on Monday, $2000 on Tuesday, and $1500 on Wednesday, the daily balance for each day would be $1000, $2000, and $1500, respectively. The average daily balance for the three-day period would be $1500 ((1000+2000+1500)/3).

Another example would be a credit card account with a balance of $500 on Monday, $1000 on Tuesday, and $0 on Wednesday. The daily balance for each day would be $500, $1000, and $0, respectively. The average daily balance for the three-day period would be $500 ((500+1000+0)/3).

These examples illustrate how the daily balance and average daily balance are calculated for different types of accounts. Understanding these balances is important for calculating interest or finance charges accurately.

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i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
14:19
Ouch
HopefullyInLawSchool
14:19
your*
14:19
I fear I realized too late
babycat
14:20
another victim claimed
concorde
14:22
pwned
14:22
Might have to send in addendums for that
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