In one particular month, a person has a balance of $3,880 on their credit card for 4 days. They then make a purchase and carry a

Question

2 years ago

9

In one particular month, a person has a balance of $3,880 on their credit card for 4 days. They then make a purchase and carry a

balance of $2,950 for the next 12 days. Then this person makes another payment and carries a balance of $1,600 for the remaining 15 days in the month.
What is their average daily balance rounded to the nearest cent?

Mathematics

1 answer:

Harrizon [31] · Answer 1 · 2022-06-06T16:13:57+03:00

Harrizon [31]2 years ago

4 0

Answer:

$2,416.77

Step-by-step explanation:

The weighted average balance is ...

(3880×4 +2950×12 +1600×15)/(4+12+15) = 74920/31 ≈ 2416.77

The average daily balance is $2,416.77.