A credit card account had a $235 balance on March 5. A purchase of $146 was made on March 12, and a payment of $100 was made on March 28. Find the average daily balance if the billing date is April 5.
A credit card account had a $235 balance on March 5. A purchase of $146 was made on March 12, and a payment of $100 was made on March 28. Find the average daily balance if the billing date is April 5.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
A credit card account had a $235 balance on March 5. A purchase of $146 was made on March 12, and a payment of $100 was made on March 28. Find the average daily balance if the billing date is April 5.
Expert Solution
Step 1: Write the formula of average daily balance
In the given case, the balance of the credit card and the transactions are given,
Average Daily balance = Sum of total amount owed each day for the months / Number of days in the billing period
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