Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with Part B . Average Daily Balance: Most credit cards charge interest based on the average daily balance per billing cycle. In

I need help with Part B

image text in transcribed
. Average Daily Balance: Most credit cards charge interest based on the average daily balance per billing cycle. In this case each balance Within the billing cycle is weighted by the number of days it exists. Suppose your credit card has a 30 day billing cycle and the balances over these 30 days are given in the table below. balance 3% days Days Transaction (1') (in) 1-6 remaining balance $1200 6 7-10 $400 purchase $1600 4 11-20 $300 purchase $1900 10 21-30 $1000 payment $900 10 (a)* Calculate the average daily balance for these 30 days. (b) 1What would have been your average daily balance if you paid $1200 on day 13 instead of $1000 on day 21

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Discrete Mathematics With Applications

Authors: Susanna S Epp

5th Edition

0357035283, 9780357035283

More Books

Students also viewed these Mathematics questions

Question

5. Give some examples of hidden knowledge.

Answered: 1 week ago