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8 July, 12:51

Select the correct answer.

Nia wants to check whether the finance charge applied in her credit card statement is correct. To do this, she needs to calculate the average

daily balance in her account for the previous billing cycle. She made a table to do the calculation. The billing cycle is 31 days.

What was Nia's average daily balance in this billing cycle?

Days

Balance

7

$745.00

$585.15

10

7

$245.20

7

$90.75

CA.

$13,420.00

B.

$13,418.00

C.

$800.00

D.

$432.84

E

$430.48

+2
Answers (1)
  1. 8 July, 15:55
    0
    D. $432.84

    Step-by-step explanation:

    The average daily balance is the weighted sum of the balances. The weight in each case is the number of days the account had that balance.

    adb = (7*745.00 + 10*585.15 + 7*245.20 + 7*90.75) / (7+10+7+7)

    = 13,418.15/31

    = 432.84

    Nia's average daily balance was $432.84.
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