Question
b. What was the APR (Annual Percentage Rate)?
3) Irina’s credit card has and APR of
charge. Her next billing cycle starts today. The billing period is 30 days. Today her balance is
She is only going to use the credit card once this month, to make a
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.
3) Irina’s credit card has and APR of
charge. Her next billing cycle starts today. The billing period is 30 days. Today her balance is
She is only going to use the credit card once this month, to make a
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.
Ask by Campbell Ortega. in the United States
Jan 23,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Irina’s daily balance for each of the 30 days is $5,712.04. Her average daily balance for the 30-day period is $5,712.04.
Solution
To determine Irina’s average daily balance after making a $5,000 down payment on her credit card, we’ll follow these steps:
-
Initial Balance:
- Starting Balance: $712.04
- Down Payment: $5,000.00
- New Balance After Down Payment: $712.04 + $5,000.00 = $5,712.04
-
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.
-
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:
Summary:
- Daily Balance for Each of the 30 Days: $5,712.04
- Average Daily Balance for the 30-Day Period: $5,712.04
Answered by UpStudy AI and reviewed by a Professional Tutor
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Explain 
Simplify this solution Extra Insights
To calculate Irina’s daily balance for the 30 days, we need to break it down in two parts. For the first part of the billing cycle (Day 1), her balance will be the original balance of
So, for days 1 to 30:
- Days 1:
(total: for 1 day) - Days 2 to 30:
(total: )
Now, let’s find the average daily balance:
Rounded to the nearest cent, Irina’s average daily balance for the 30-day period will be $5,547.34.
Remember, the key element here is understanding the balance changes throughout the billing cycle and ensuring accurate calculations for average balances!
