Question

Given the following:
29 day billing cycle
4/17 Billing date previous balance: $1,100
4/27 Payment: $700
4/29 Charge: $300
5/7 Payment: $50

The average daily balance is:

Answer 1

Is this a multiple choice question or anything like that?

Answer 2

$910.34


$755.17


$810.43


$755.71

Answer 3

yes

Answer 4

ok thanks

Answer 5

I just woke up i know someone that can help @sunnnystrong

Answer 6

Hahaha i can definitely try XD @QuestionaskerDUH1243

Answer 7

thank you

Answer 8

I would answer but i just cant think im gonna go get a coffee

Answer 9

Recall that to find the Average Daily Balance ...
You need to add together the day to day balance each day and divide by the # of days in billing cycle


29 day billing cycle
Day 1: 4/17 Billing date previous balance: $1,100 (Balance $1,100)
Day 10: 4/27 Payment: $700 (Balance $400)
Day 12: 4/29 Charge: $300 (Balance $700)
Day 20: 5/7 Payment: $50 (Balance $650)

\[($1,100*10)+($400*2)+($700*8)+($650*9)\]

Answer 10

But... I'm sure I made a mistake? Not sure where @Valerie
What do you think?

Answer 11

Thank you. I got the same answer. I'm not sure where i made the mistake either

Answer 12

The 2nd one