Question

Sergei has a credit card that uses the average daily balance method. For the

first 12 days of one of his billing cycles, his balance was $350, and for the last
18 days of the billing cycle, his balance was $520. If his credit card's APR is
14%, which of these expressions could be used to calculate the amount
Sergei was charged in interest for the billing cycle?

Answer 1

The expression to calculate the interest charged for the billing cycle is (Average daily balance x APR x Number of days in billing cycle) / 365. Given the balances and APR, the interest charged for Sergei is $0.76.

Step-by-step explanation:

To calculate the amount Sergei was charged in interest for the billing cycle, we need to find the average daily balance and multiply it by the APR and the number of days in the billing cycle. The expression that can be used is:

Interest = (Average daily balance x APR x Number of days in billing cycle) / 365

Given that Sergei's balance for the first 12 days was $350 and for the last 18 days was $520, we can find the average daily balance by adding these balances and dividing by 30 (the total number of days in the billing cycle):

Average daily balance = (350 + 520) / 30 = $29

Substituting this value along with the APR of 14% and the number of days in the billing cycle into the expression:

Interest = (29 x 0.14 x 30) / 365

Interest = $0.76

Answer 2

(0.14/365*30)(12*$350+18*$520/30)

Step-by-step explanation:

Just took the quiz, this was the right answer. By the way, * just means multiply for anyone confused