The balance after the grace period is $25,000. A payment of $5,000 is made on the 10th day. A payment of $5,000 is made on the 2

Question

3 years ago

6

0th day. What is the average daily balance?

1 answer:

MariettaO [177] · Answer 1 · 2022-12-30T14:53:38+03:00

The average daily balance after 20 days is; $1750

<h3>Average Balance</h3>

The initial balance after grace period is; $25,000

Afterwards, A payment of $5,000 each is made on the 10th and 20th day.

Hence, the total balance after 20 days is;

The average daily balance is therefore the quotient of $35,000 and 20 days