Question

The balance after the grace period is $15,000. A payment of $5,000 is made on the

Answer 1

Answer:

the average daily balance is 500

Step-by-step explanation:

If a payment of 5,000 is made on the tenth day you can divide 5,000 by ten to get the amount payed everyday before hand. Once you do that you will end up with the answer of 500. Therefore the average daily balance is 500