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Kayla Sampson, an antiques dealer from Mankato, Minnesota, received her monthly billing statement for April for her MasterCard account. The statement indicated that she had a beginning balance of $600, on day 5 she charged $150, on day 12 she charged $300, and on day 15 she made a $200 payment. Out of curiosity, Kayla wanted to confirm that the finance charge for the billing cycle was correct. (a) What was Kayla’s average daily balance for April without new purchases?

Respuesta :

Answer: $493.3

Explanation:

Kayla's average daily balance for April without new purchases will be:

We should note that she has opening balance of $600 for 14 days without purchase, $400 balance for 16 days from April 15-30. This will be:

= [($600 × 14) + ($400 × 16)]/2

= ($8400 + $6400)/30

= $14800/30

= $493.3

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