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

Question

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

mathstudent55 · Answer

The interest rate is 28% per year, but she only needs to pay interest for 15 days.
Find 28% of $2560. 
That's how much interest she'd owe if she had had the $2560 balance for one entire year.
Then divide that amount by 365 to find the interest for one day.
Then multiply that number by 15 to find the interest for 15 days.

anonymous · Answer

So how would i solve 28% of 2560?

anonymous · Answer

$$x = \frac{ 28 }{ 100 } * 2560$$