Question

Suppose that your credit card activity for December looked like this: Date Activity December 6 $477...

Suppose that your credit card activity for December looked like this:

Date Activity
December 6 $477 purchase
December 11 $289 purchase
December 16 $466 purchase
December 20 $549 purchase
December 25 $396 purchase

What was your average daily balance for December?

Round your answer to the nearest dollar.

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Homework Answers

Answer #1
Date Purchase Day's for which amount is held
(i) (ii) (i) X (ii)
Dec-06 $        477 26 $     12,402
Dec-11 $        289 21 $       6,069
Dec-16 $        466 16 $       7,456
Dec-20 $        549 12 $       6,588
Dec-25 $        396 7 $       2,772
(a) Total = $     35,287
(b) Total number of days = 31
(a) / (b) Average daily balance = $ 1,138.29
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