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Minchanka [31]
3 years ago
9

Ted has a credit card that uses the average daily balance method. For the first 9 days of one of his billing cycles, his balance

was $2030, and for the last 21 days of the billing cycle, his balance was $1450. If his credit card's APR is 23%, which of these expressions could be used to calculate the amount Ted was charged in interest for the billing cycle?
Mathematics
2 answers:
slega [8]3 years ago
4 0
Your question doesn't say what are the options, but we can make some reasoning.

The average daily balance method is based, obviously, on the <span>average daily balance, which is the average balance for every day of the billing cycle. Therefore, in order to calculate the average daily balance, you need to sum the balance of every day and then divide it by the days of the billing cycle.
In your case:
ADB = (9</span>×2030 + 21×1450) / 30 = 1624 $

Now, in order to calculate the interest, you should first calculate the daily rate, since APR is usually defined yearly, and therefore:
rate = 0.23 ÷ 365 = 0.00063 

Finally, the expression to calculate the interest could be:
interest = ADB × rate × days in the billing cycle
or else:
<span>interest = ADB × APR ÷ 365 × days in the billing cycle

In your case:
interest = 1624 </span>× 0.23 ÷ 365 × 30
             = 30.70 $
Digiron [165]3 years ago
3 0

Answer:

(0.23/365*30) ((9*$2030+9*$1450)/30)

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Answer: $4110.8 (more likely - 95% sure) or $2,107 (less likely)

Step-by-step explanation: It could be $4110.8 because you have the take the total they made and subtract is from the cost of the toys ($7,230-$2,450=$4,780). Then you have to take the result of that and get 14% of it, then subtract that from the $4,780 amount. Then you get the final answer which is $4110.8.

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However, it could also be $2,107 because the question itsn't that clear in the second sentence. It could be saying that $2,450 is the price of the toys (which is what I assumed above), or that it is the profit that the $2,450 (which I used below). I think that the above answer is more likely because if not then the first number would never be used. Anyways here is the second way it could be.

Step-by-step explanation: It could be $2,107 because you take the profit ($2,450) and get 14% of it, then subtract that from the $2,450 amount. Then you get the final answer which is $2,107.

If I was you, I would do the first one ($4110.8) because I really think it is that one. I just put the other one here just in case.

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