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Elenna [48]
3 years ago
10

Carla has a credit card that uses the average daily balance method. For the first 15 days of a 31-day billing cycle, her balance

was $2560, but then she paid off her entire balance and didn't make any new purchases. If her credit card's APR is 28%, how much was Carla charged in interest for the billing cycle?
A.$29.46
B.$31.42
C.$60.88
D.$0
Mathematics
2 answers:
Advocard [28]3 years ago
6 0

Answer:

Option A $29.46 is correct.

Step-by-step explanation:

Credit card's billing cycle  = 31 days

To calculate the average daily balance we must add Carla's balance from each day in the billing cycle and divide by the number of days of the month.

( Total balance × days ) / number of days of the month

(2560 × 15) ÷31 = $1238.71

Her credit card's APR is 28%  Therefore Carla charged

(1238.71 × 0.28 × 31) ÷ 365

10,752.0028 ÷ 365 = 29.4575 Rounded to $29.46

Carla charged in interest for the billing cycle is $29.46.

sweet [91]3 years ago
3 0

A.29.46 They say i need 20 characters but idek how i got it tbh i just know i put it in and it was right



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-------------------------------

DISCLAIMER: I am not a professional tutor or have any professional background in your subject. Please do not copy my work down, as that will only make things harder for you in the long run. Take the time to really understand this, and it'll make future problems easier. I am human, and may make mistakes, despite my best efforts. Again, I possess no professional background in your subject, so anything you do with my help will be your responsibility. Thank you for reading this, and have a wonderful day/night!
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