Explanation Given: Assume that in a 31-day month you begin with a $80 balance due on your credit card, then charge an item for $60 on the 5th of the month and a $100 item on the 20th of the month. Calculation: Consider the beginning balance as $80. This balance remains the same for 4 days An item is changed $60 on 5 day. From 5 th day the balance is $ 80 + $ 60 = $ 140 Balance remains $140 for 15 days (5 th to 19 th = 15 days) since item is changed on 20 th . On 20 th an item worth $140 is bought. On 20 th the balance becomes $ 100 + $ 140 = $ 240 The balance is carried out for rest of the month. Balance Days Duration 80 4 1st to 4th 140 15

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ISBN: 9780134434681

Author: Tom Pirnot

Publisher: PEARSON

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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 $80 balance due on your credit card, then charge an item for $60 on the 5th of the month and a $100 item on the 20th of the month

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Chapter 14.2, Problem 37E

Chapter 14.2, Problem 39E

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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 $80 balance due on your credit card, then charge an item for $60 on the 5th of the month and a $100 item on the 20th of the month

Solution Summary: The author calculates the average daily balance on the credit card for a 31-day month. The beginning balance is 80 and the balance remains 140 for 15 days.

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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 $80 balance due on your credit card, then charge an item for $60 on the 5th of the month and a $100 item on the 20th 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 $80 balance due on your credit card, then charge an item for $60 on the 5th of the month and a $100 item on the 20th of the month