Question

Michele's credit card had a balance of $579. 53 on August 1. On August 8, she made a payment of $500. On August 16, she made a charge of $200. On August 24, she made another charge of $350. What was her average daily balance?

Answer 1

By taking the average of her balance of each day of August, we will see that the average daily balance is $373.08

What was her average daily balance?

We know that:

• On August 1, her balance was $579.53
• On August 8, her balance was $579.53 - $500 = $79.53
• On August 16, her balance was $79.53 + $200 = $279.53
• On August 24, her balance was $279.53 + $300 = $579.53

So, first, her balance is $579.53 for 7 days. Then her balance is $79.53 for 8 days, then her balance was $279.53 for another 8 days, and finally, her balance was $579.53 for the last 8 days of august.

Then over the 31 days of August, the average daily balance will be:

$A = \frac{7*579.53 + 8*79.53 + 8*279.53 + 8*579.53}{31} = 373.08$

So in August, her average daily balance was $373.08

If you want to learn more about averages, you can read:

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