Bruce has a credit card that uses the average daily balance method. for the first 9 days of one of his billing cycles, his balance was $2030, and for the last 22 days of the billing cycle, his balance was $1450. if his credit card's apr is 23%, which of these expressions could be used to calculate the amount bruce was charged in interest for the billing cycle?

$31.61

Explanation:

In order to determine the amount of interest charged you must first calculate the average daily balance:

average daily balance = [($2,030 x 9) + ($1,450 x 22)] / 31 = $1,618.39

Now we must calculate the daily interest rate:

daily interest rate = 23% / 365 = 0.063%

Finally we multiply the average daily balance times the daily interest rate times the number of days in the billing period:

interest charged = $1,618.39 x 0.063% x 31 days = $31.61

The answer is (0.23/365x31)(9x$2030+22x$1450/31)

Explanation:

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