Consider the following credit card activity for the month of August: Date Balance Number of Days...
Consider the following credit card activity for the month of August:
| Date | Balance | Number of Days |
| August 1 | $294 | 6 |
| August 7 | $357 | 7 |
| August 14 | $466 | 8 |
| August 22 | $570 | 10 |
Compute the ADB.
Round your answer to the nearest dollar.
Homework Answers
Solution:
| Computation of average daily balance | |||
| Date | Balance | Nos of days | Total |
| 1-Aug | $294.00 | 6 | $1,764.00 |
| 7-Aug | $357.00 | 7 | $2,499.00 |
| 14-Aug | $466.00 | 8 | $3,728.00 |
| 22-Aug | $570.00 | 10 | $5,700.00 |
| Total | $13,691.00 | ||
| Nos of days in month | 31 | ||
| Average daily balance | $442 | ||
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