Question

Jack decided to apply for the UltraCard. He met the requirements and was approved. Jack made several purchases the first month he had the credit card. The table shows his daily balances for the month.

Jack’s Daily Credit Card Account Balance
Billing Cycle: 30 Days
Period Days Daily Balance
day 1 to day 9 9 $150.00
day 10 to day 13 4 $212.48
day 14 to day 18 5 $243.17
day 19 to day 26 8 $623.42
day 27 to day 30 4 $833.89
Select the correct answer from each drop-down menu. Use this resource, if needed, and the table to complete the statements.

The average daily balance of Jack’s new credit card account is
. The finance charge that Jack can expect on his first credit card statement is
.

Answer 1

The average daily balance of Jack’s new credit card account is

$391.22

. The finance charge that Jack can expect on his first credit card statement is

$13.84

.

Explanation: