Explanation Given: Assume that in a 31-day month you begin with a $50 balance due on your credit card, then charge an item for $75 on the 10th of the month and a $120 item on the 25th of the month. Calculation: Consider the beginning balance as $50. This balance remains the same for 9 days An item is changed $75 on 10 day. From 10 th day the balance is $ 75 + $ 50 = $ 125 Balance remains $125 for 14 days (10 th to 24 th = 15 days) since item is changed on 25 th . On 25 th an item worth $120 is bought. On 25 th the balance becomes $ 120 + $ 125 = $ 245 The balance is carried out for rest of the month. Balance Days Duration 50 9 1st to 9th 125 15

6th Edition

ISBN: 9780134434681

Author: Tom Pirnot

Publisher: PEARSON

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Chapter 14.2, Problem 37E

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The average daily balance on your credit card for this month when in a 31-day month you begin with a $50 balance due on your credit card, then charge an item for $75 on the 10th of the month and a $120 item on the 25th of the month.

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Chapter 14.2, Problem 36E

Chapter 14.2, Problem 38E

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The average daily balance on your credit card for this month when in a 31-day month you begin with a $50 balance due on your credit card, then charge an item for $75 on the 10th of the month and a $120 item on the 25th of the month.

Solution Summary: The author calculates the average daily balance on the credit card for a 31-day month.

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To calculate: The average daily balance on your credit card for this month when in a 31-day month you begin with a $50 balance due on your credit card, then charge an item for $75 on the 10th of the month and a $120 item on the 25th of the month.

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Chapter 14 Solutions

To calculate:

The average daily balance on your credit card for this month when in a 31-day month you begin with a $50 balance due on your credit card, then charge an item for $75 on the 10th of the month and a $120 item on the 25th of the month.