Asked by Valerie Lopez on Jun 15, 2024
Verified
According to the credit calendar below,what is the average daily balance?
Average Daily Balance
The average amount owed per day during a billing cycle.
- Determine updated balances and financial fees on credit card statements.
Verified Answer
JA
Jesus AlvaresJun 19, 2024
Final Answer :
$713.50;Add all the daily balances and divide by the number of days in the billing cycle,30.
(640 8)+ (765 5)+ (820 3)+ (720 14)= 21,485 ÷ 30 = $716.17
(640 8)+ (765 5)+ (820 3)+ (720 14)= 21,485 ÷ 30 = $716.17
Learning Objectives
- Determine updated balances and financial fees on credit card statements.
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