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romanna [79]
3 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]3 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.

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