On March 3, the balance on a credit card was $4,173.14. A payment of $320 was made on March 12, and a...
☐ $4,116.56
☐ $4,409.60
☐ $123,496.90
☐ $3,983.77
To calculate the average daily balance, we need to consider the balance changes over the days in March:
Now, calculate the average daily balance:
Average Daily Balance = [(9 days * $4,173.14) + (8 days * $3,853.14) + (12 days * $3,936.68)] / 29 days
Average Daily Balance = [(37,558.26) + (30,825.12) + (47,240.16)] / 29
Average Daily Balance = 115,623.54 / 29
Average Daily Balance = $3,983.57
Therefore, the closest option is:
☐ $3,983.77
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