Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $29.59 October 16 Credit $10.00 October 25 Purchase $123.60 average daily balance
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $29.59 October 16 Credit $10.00 October 25 Purchase $123.60 average daily balance
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.)
| Date | Activity | Amount |
|---|---|---|
| October 3 | Cash advance | $50.00 |
| October 7 | Payment | $75.00 |
| October 10 | Purchase | $29.59 |
| October 16 | Credit | $10.00 |
| October 25 | Purchase | $123.60 |
average daily balance =
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