Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following credit card activity for the month of November: Day Balance Number of Days November 1 $ 2 9 7 3 November 4

Consider the following credit card activity for the month of November:
Day Balance Number of Days
November 1 $2973
November 4 $3616
November 10 $4645
November 15 $5567
November 22 $6594
November 26 $7854
November 30  1
Suppose that a large purchase is made on November 30th. If the credit card's ADB for November is $624, how much money was this purchase for?
Note that this question is not asking for the balance on November 30th.
Round your answer to the nearest dollar.

Step by Step Solution

3.40 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

Heres how to calculate the amount of the large purchase made on November 30th Average Daily Balance ADB Formula The average daily balance ADB is calculated by summing the daily balances for the entire ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Data Communications and Networking

Authors: Behrouz A. Forouzan

5th edition

73376221, 978-0073376226

More Books

Students also viewed these Finance questions

Question

Calculate the missing value.

Answered: 1 week ago