A credit card account had a $213 balance on October 5. A purchase of $168 was...
A credit card account had a $213 balance on October 5. A purchase of $168 was made on October 12, and a payment of $100 was made on October 28. Find the average daily balance if the billing date is November 5. (Round your answer to the nearest cent.)
Homework Answers
| due date | amount outstanding | no of days due | amount due = amount*no of days |
| october 5 to octorber 11 | 213 | 6 | 1278 |
| october 12 to october 27 | 381=213+168 | 16 | 6096 |
| october 28 to nobember 5 | 281=381-100 | 9 | 2529 |
| Average balance | amount due/ no of days in a month | 9903/31 | 319.45 |
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