Assume a 31-day month to calculate your average daily balance for your credit card bill. Your daily balance for the first 10 days was $1,400, for the next 10 days was $1900, and for the last 10 days was $2700. What will your average daily balance be at the end of the month?

Question

Quizplus · Accepted Answer

The average daily balance is calculated by multiplying each daily balance by the number of days it was held, summing these products, and then dividing by the total number of days in the month. So, (10*$1400 + 10*$1900 + 10*$2700) / 30 = $1935.48.

Assume a 31-Day Month to Calculate Your Average Daily Balance