A credit card company uses your average daily balance to compute your finance charge. You charge $100 on May 2 and $200 on May 20. What is your average daily balance? If the APR on this credit card is 18%, what would the finance charge be for May?

$2.66

Step-by-step explanation:

Since there are 31 day sin May, and the question doesn't specify any fixed billing cycle, we must calculate the billing cycle using 31 days:

Average daily balance = [($0 x 1) + ($100 x 19) + ($300 x 12)] / 31 days = $5,500 / 31 = $177.42

finance charge for the month of May = average daily balance x APR/12 = $177.42 x 18%/12 = $177.42 x 1.5% = $2.66

Some credit cards use fixed billing cycles, e.g. 30 days for every month, but if we are not given that information we have to assume that the billing cycle starts in day 1 and ends in the last day of the month.

answer: 48

just remember to use pemdas:

parentheses

expressions

multiplication

division

addition

subtraction

answer for #1 is c

answer for #2 is d

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