oindexter has a credit card that uses the average daily balance method. For the first 15 days of a 31-day billing cycle, his bal
ance was $2110, but then he paid off his entire balance and didn't make any new purchases. If his credit card's APR is 26%, how much was Poindexter charged in interest for the billing cycle? HURRY
2 answers:
Answer:
The answer is option C: $22.55.
Step-by-step explanation:
Given is that Poindexter’s credit card uses the average daily balance method.
For the first 15 days of a 31-day cycle, his balance was $2110
He paid off his entire balance and didn't make any new purchases after that.
Means for the first 15 days, the balance was $2110 and for last 16 days the balance was$0.
The APR is 26% or 0.26
The interest can be calculated as:
≈ $22.55
The interest charged was $22.55
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