Assume a 30-day month to calculate your average daily balance for your credit ca

Question

Assume a 30-day month to calculate your average daily balance for your credit card bill. Your daily balance for the first 10 days was $500, for the next 10 days was $1,000, and for the last 10 days was $1,500. What will your average daily balance be at the end of the month? A) $ 800.00 B) $ 900.00 C) $1,000.00 D) $1,500.00 2) Assume a 31-day month to calculate your average daily balance for your credit card bill. Your daily balance for the first 10 days was $1,900, for the next 20 days was $2,500, and for the last 1 day was $2,800. What will your average daily balance be at the end of the month? A) $1,800.00 B) $1,927.50 C) $2,050.00 D) $2,316.12 3) Assuming the APR on your credit card is 18% and your average daily balance this month was $5,000, what will your interest or finance charges for the month (30 days) be? A) $50.60 B) $60.70 C) $70.50 D) $73.50

Explanation / Answer

1 average daily balance = ((10*500)+(10*1000)+(10*1500))/30 1000 2 average daily balance = ((10*1900)+(20*2500)+(2800))/31 2316.129 3 finance charge = 18%*5000*30/12 1875

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