Given the following:

29 day billing cycle

4/17 Billing date previous balance $1,100

4/27 Payment 700

4/29 Charge 300

5/7 Payment 60

The average daily balance is:

$910.34

$755.17

$810.43

$755.71

None of these

29 day billing cycle

4/17 Billing date previous balance $1,100

4/27 Payment 700

4/29 Charge 300

5/7 Payment 60

Day action balance # of days with that balance

4/17 1,100 from 4/17 to 4/26 = 10 days

4/27 payment 700 400 from 4/26 to 4/28 = 2 days

4/29 charge 300 100 from 4/29 to 4/7 = 8 days

5/7 charge 60 from 5/7 to 5/16 = 9 days

5/16 none - -

Weighted average: [1,100*10 + 400*2 + 100*8 + 60*9] / 29 = 13140 / 29 = 435.10

Answer: 435.10