Question

Walter has a credit card that uses the average daily balance method. For the first 15 days of a 31-day billing cycle, his balance was $1440, but then he paid off his entire balance and didn't make any new purchases. If his credit card's APR is 22%, how much was Walter charged in interest for the billing cycle? A.$13.02 B.$13.89 C.$0 D.$26.91

Answer 1

I am not sure, but what i think is,

Since walter has cleared up his bill in 15 days itself.. there shall be no interest applicable..
Because it says 31 days billing cycle..

Answer 2

Joan has a credit card that uses the previous balance method. The opening balance of one of her 30-day billing cycles was $6390, but that was her balance for only the first 3 days of the billing cycle, because she then paid off her entire balance and didn't make any new purchases. If her credit card's APR is 17%, which of these expressions could be used to calculate the amount Joan was charged in interest for the billing cycle?

Answer 3

ohkey i will give a try..

6390 + 6390 * 17% for 3 days .
6390 + 6390 * (17/100) (3/30)...

not sure...

Answer 4

13.02