Calculate the average daily balance for the month of May of an account with a previous month's balance of $950.00 and the activity below. Assume a 31-day cycle. $\begin{array}{lll}
\underline{\text { Date } }&\underline{ \text { Activity } }&\underline{ \text { Amount }} \
\text { May 4 } & \text { Purchase } & \$ 25.50 \
\text { May 10 } & \text { Purchase } & 169.25 \
\text { May 18 } & \text { Payment } & 300.00 \
\text { May 20 } & \text { Credit } & 29.99 \
\text { May 25 } & \text { Cash advance } & 100.00
\end{array}$

$\text { Average Daily Balance: }$

Question

Calculate the average daily balance for the month of May of an account with a previous month's balance of $950.00 and the activity below. Assume a 31-day cycle. $\begin{array}{lll}
\underline{\text { Date } }&\underline{ \text { Activity } }&\underline{ \text { Amount }} \
\text { May 4 } & \text { Purchase } & \$ 25.50 \
\text { May 10 } & \text { Purchase } & 169.25 \
\text { May 18 } & \text { Payment } & 300.00 \
\text { May 20 } & \text { Credit } & 29.99 \
\text { May 25 } & \text { Cash advance } & 100.00
\end{array}$

$\text { Average Daily Balance: }$

Quizplus · Accepted Answer

The Answer of Calculate the average daily balance for the month of May of an account with a previous month's balance of $950.00 and the activity below. Assume a 31-day cycle. $\begin{array}{lll}
\underline{\text { Date } }&\underline{ \text { Activity } }&\underline{ \text { Amount }} \
\text { May 4 } & \text { Purchase } & \$ 25.50 \
\text { May 10 } & \text { Purchase } & 169.25 \
\text { May 18 } & \text { Payment } & 300.00 \
\text { May 20 } & \text { Credit } & 29.99 \
\text { May 25 } & \text { Cash advance } & 100.00
\end{array}$

$\text { Average Daily Balance: }$

Calculate the Average Daily Balance for the Month of May