question archive In one particular month, a person has a balance of $2,140 on their credit card for 16 days
In one particular month, a person has a balance of $2,140 on their credit card for 16 days
Subject:StatisticsPrice: Bought3
In one particular month, a person has a balance of $2,140 on their credit card for 16 days. They then make a purchase and carry a balance of $2,290 for the next 8 days. Then this person makes a payment and carries a balance of $1,890 for the remaining 7 days in the month.
What is their average daily balance rounded to the nearest cent?
HINT: An average daily balance is what a bank or credit card lender uses in order to calculate the monthly interest earned. It is the mean balance for each day in the month and the calculation can be simplified using a weighted mean.
