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swat32
3 years ago
15

Bruce has a credit card that uses the average daily balance method. For the first 9 days of one of his billing cycles, his balan

ce was $2030, and for the last 22 days of the billing cycle, his balance was $1450. If his credit card's APR is 23%, which of these expressions could be used to calculate the amount Bruce was charged in interest for the billing cycle?
Business
1 answer:
Mice21 [21]3 years ago
3 0

Answer:

$31.61

Explanation:

In order to determine the amount of interest charged you must first calculate the average daily balance:

average daily balance = [($2,030 x 9) + ($1,450 x 22)] / 31 = $1,618.39

Now we must calculate the daily interest rate:

daily interest rate = 23% / 365 = 0.063%

Finally we multiply the average daily balance times the daily interest rate times the number of days in the billing period:

interest charged = $1,618.39 x 0.063% x 31 days = $31.61

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The correct answer is letter "A": economists include opportunity cost in zero economic profit, while accountants do not include opportunity cost in zero profit.

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