Posted by andrea on Thursday, November 24, 2011 at 12:39pm.
calculate the average daily balance from the following(30day billing cycle)
721 billing date previous balance $400
728 payment $40 credit
731 charge $60
86 payment $10 credit
813 cash advance $50

math  drwls, Thursday, November 24, 2011 at 2:12pm
On 721 the balance is $400.
It remains $400 for 7 days
On 728 the balance becomes $360
It remains $360 for 3 days.
On 731 the balance becomes $420
It remains $420 for 6 days
On 86, the balance becomes $410
It remains $410 for 7 days
On 813 the balance becomes $460
It it remains $460 until the end of the billing cycle (for 7 days)
Average balance =
[400*7 + 360*3 + 420*6 +410*7 +460*7]/30
= $416.33
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