Question 1135816
unpaid balance on march 1 = $129.70
payment on march 12 = $30.00
purchase on march 21 = $25.80.


billing cycle ends march 31.


total days in billing cycle is from march 1 to march 31 inclusive for a total of 31 days.


balance of $129.70 from march 1 to march 11 inclusive for a total of 11 days equals total balance of 11 * $129.70 = $1426.7.


balance of $129.70 - $30.00 = $99.70 from march 12 to march 20 inclusive for a total of 9 days equals a total balance of 9 * $99.70 = $897.30.


balance of $99.70 + $25.80 = $125.50 from march 21 to march 31 inclusive for a total of 11 days equals a total balance of 11 * $125.50 = $1380.5


total daily balance for the billing cycle was $1426.7 + $897.30 + $380.5 = $3704.50.


average daily balance for the billing cycle was $3704.50 / 31 = $119.50.


here's a reference on average daily balance.


<a href = "http://college-cram.com/study/businessmath/consumer-credit-and-banking/average-daily-balance/" target = "_blank">http://college-cram.com/study/businessmath/consumer-credit-and-banking/average-daily-balance/</a.