Name: Cele . Gender: Female . Usage: Cele, of latin origin, is not a popular first name. It is more often used as a girl (female) name. People having the name Cele appear to be originating from all over the world. Variants: For another variant of the name Cele across the world, see Cecilia.
Most credit card companies base the finance charge on the outstanding or average daily balance. That means the finance charge will be different depending on the length of the billing cycle and when during that billing cycle the payment is received. This calculator assumes the payment is made halfway through the monthly billing cycle.
Answer: Most card issuers use the average daily balance method to calculate the minimum payment on credit cards. The actual math requires a calculator, but it can be explained in simple terms. The balance for each day is added up and then divided by the total number of days in the cycle.