Question

Sergei has a credit card that uses the average daily balance method. For the

Answer 1

Answer:

its (0.14/365*30)(12*350+18*520/30)

Step-by-step explanation:

apex

Answer 2

Answer:

The amount Sergei was charged in interest for the billing cycle is given by, $ 5.2 .

Step-by-step explanation:

According to the question, the amount Sergei was charged in interest for the billing cycle is given by, the sum of the interest on $ 350 for 12 days and the interest on $ 520 for 18 days both calculated at 14% APR.

So, the amount Sergei was charged in interest for the billing cycle is given by,

$ ($350 \times 12 \times \frac {14}{100 \times 365}$ + $520 \times 18 \times \frac {14}{100 \times 365}$

$\simeq$  $ 5.2