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 $29.59
October 16 Credit $30.00
October 25 Purchase $121.60
What would the average daily balance equal?
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
13th edition
1439078106, 111197375X, 9781439078105, 9781111973759, 978-1439078099
