Definition
The average amount that exists in an account over a period of time. The number is calculated by adding the daily balances over a period of time and dividing by the total number of days in that period. Used in the average daily balance method for determining interest.
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'average daily balance' appears in these other terms:
average daily balance method
'average daily balance' appears in the definitions of these other terms on BusinessDictionary.com:
account analysis
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