# math

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calculate the average daily balance from the following(30-day billing cycle)

7-21 billing date previous balance \$400
7-28 payment \$40 credit
7-31 charge \$60
8-6 payment \$10 credit
8-13 cash advance \$50

• math -

On 7-21 the balance is \$400.
It remains \$400 for 7 days
On 7-28 the balance becomes \$360
It remains \$360 for 3 days.
On 7-31 the balance becomes \$420
It remains \$420 for 6 days
On 8-6, the balance becomes \$410
It remains \$410 for 7 days
On 8-13 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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