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15 February, 06:34

If a credit card has a balance of $120 for 10 days, a balance of $150 for the next 12 days and a balance of $90 for 8 days, what is the average daily balance for that 30 day period?

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  1. 15 February, 09:21
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    Average balance=total number of dollar-days / total number of days

    Total number of dollar days

    = 120*10+150*12+90*8

    =1200+1800+720

    =3720 dollar-days

    Total number of days

    = 10 + 12 + 8

    =30 days

    Average daily balance

    = Dollar-Days / Days

    = 3720 dollar days / 30 days

    = 124 dollars
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