b. What was the APR (Annual Percentage Rate)? 3) Irina's credit card has and APR of \( 16.8 \% \). She never pays her balance in full, so she always pays a finance charge. Her next billing cycle starts today. The billing period is 30 days. Today her balance is \( \$ 712.04 \). She is only going to use the credit card once this month, to make a \( \$ 5,000 \) down payment on a new car. If she put the down payment on the credit card today, what will her daily balance be for each of the 30 days of the billing cycle? Find her average daily balance for the 30 -day period of she put the down payment on the credit card today. Round to the nearest cent.

To determine Irina's **average daily balance** after making a \$5,000 down payment on her credit card, we'll follow these steps: 1. **Initial Balance:** - **Starting Balance:** \$712.04 - **Down Payment:** \$5,000.00 - **New Balance After Down Payment:** \$712.04 + \$5,000.00 = **\$5,712.04** 2. **Daily Balance for Each Day of the Billing Cycle:** - Since Irina makes the \$5,000 down payment **today**, which is the **first day** of the 30-day billing cycle, her balance increases to **\$5,712.04** immediately. - **Daily Balance for Days 1 to 30:** \$5,712.04 each day. 3. **Calculating the Average Daily Balance:** - The **average daily balance** is simply the sum of the daily balances divided by the number of days in the billing cycle. - Since the balance remains constant at \$5,712.04 for all 30 days: \[ \text{Average Daily Balance} = \frac{30 \times \$5,712.04}{30} = \$5,712.04 \] **Summary:** - **Daily Balance for Each of the 30 Days:** \$5,712.04 - **Average Daily Balance for the 30-Day Period:** **\$5,712.04**