Question

Terry has a credit card that uses the average daily balance method for the first 18 days of one of his billing

Answer 1

Answer:

Amount terry was charged in interest for the billing cycle is $ 4.9 approximately.

Explanation:

Given, Terry has a credit card that uses the average daily balance method for the first 18 days of one of his billing cycles, his balance was $350, and for the last 12 days of the billing cycle, his balance was $520.  

His credit cards APR is 14%  

Using the average daily balance method, the amount to be used in calculating Theresa's interest is given by:

$\frac{\text { sum of product of number of days in bulling cycle and balance. }}{\text { moter }}=\frac{18 \times 350+12 \times 520}{18+12}\\\\=\frac{12540}{30}=418$

Therefore, the interest charge on Theresa for the biling cycle is given by:

$\frac{\text {amount } \times A P R}{12 \text { months }}=\frac{418 \times 0.14}{12}=4.877$

hence, amount terry was charged in interest for the billing cycle is $ 4.9 approximately.

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Answer 2

Answer:

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