Question
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity.
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.)
| Date | Activity | Amount |
|---|---|---|
| October 3 | Cash advance | $50.00 |
| October 7 | Payment | $75.00 |
| October 10 | Purchase | $27.59 |
| October 16 | Credit | $10.00 |
| October 25 | Purchase | $121.60 |
average daily balance = $
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Information Systems Assurance
Authors: David C Chan
2nd Edition
150081458X, 9781500814588
