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Question 3 of 10
Theresa has a credit card that uses the average daily balance method. For the
first 12 days of one of her billing cycles, her balance was $350, and for the
last 19 days of the billing cycle, her balance was $520. If her credit card's APR
is 14%, which of these expressions could be used to calculate the amount
Theresa was charged in interest for the billing cycle?

Sagot :

The amount that Theresa was charged in interest for the billing cycle is $5.30

How to calculate the interest?

By using the average daily balance, the amount will be:

= (350 × 12) + (520 × 19) / (12 + 19)

= (4200 + 9880)/31

= 454.19

Therefore, the interest will be:

= (454 × 0.14)/12

= $5.30

Learn more about interest on:

brainly.com/question/2294792

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