With an average daily balance of $453.33 and an APR of 15.99%, the amount of interest payable for one month is $6.04.
The average daily balance is one method for computing the interest or finance charge due on a credit card.
The average daily balance is multiplied by the card's daily periodic rate and by the number of days in the billing period to determine the interest.
Average daily balance = $453.33
APR (Annual Percentage Rate) = 15.99%
Interest for the month = $6.04 ($453.33 x 15.99% x 1/12)
Thus, the interest for the month is $6.04.