2.8.1: Exercises
- Page ID
- 83282
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)Section 2.8.1 Exercises
- During the previous 25 day billing cycle your credit card balance was at $15 for 5 days, $72 for 4 days, $95 for 7 days, $134 for 3 days, and $197 for 6 days. What was the average daily balance for that billing cycle?
-
Refer to the following credit card transactions. Determine the average daily balance for this billing cycle.
\(\begin{array}{|l|l|}
\hline \text { Sept. 1} & \text {The billing cycle begins with a balance of \$975} \\
\hline \text { Sept. 3} & \text {A payment of \$100 is made.} \\
\hline \text { Sept. 6} & \text {A purchase of \$27 is made.} \\
\hline \text { Sept. 17} & \text {A purchase of \$133 is made.} \\
\hline \text { Sept. 22} & \text {A purchase of \$325 is made.} \\
\hline \text { Sept. 30} & \text {The billing cycle ended.} \\
\hline
\end{array}\) -
Refer to the following credit card transactions. Determine the average daily balance and the interest charged for this billing cycle for an account with a 12.99% APR.
\(\begin{array}{|l|l|}
\hline \text { Feb. 1} & \text {The billing cycle begins with a balance of \$1750.00} \\
\hline \text { Feb. 2} & \text {A purchase of \$842 is made.} \\
\hline \text { Feb. 4} & \text {A payment of \$100 is made.} \\
\hline \text { Feb. 9} & \text {A purchase of \$61 is made.} \\
\hline \text { Feb. 12} & \text {A purchase of \$15 is made.} \\\hline \text { Feb. 19} & \text {A purchase of \$23 is made.} \\
\hline \text { Feb. 25} & \text {The billing cycle ended.} \\
\hline
\end{array}\) - Refer to the following credit card transactions. Determine the average daily balance and the interest charged for this billing cycle for an account with a 9.99% APR. Then find the minimum payment when it is either 3% of the balance or $15, whichever is greater.
\(\begin{array}{|l|l|}
\hline \text { July 1} & \text {The billing cycle begins with a balance of \$314} \\
\hline \text { July 2} & \text {A payment of \$314 is made.} \\
\hline \text { July 6} & \text {A purchase of \$5 is made.} \\
\hline \text { July 15} & \text {A purchase of \$12 is made.} \\
\hline \text { July 23} & \text {A purchase of \$103 is made.} \\
\hline \text { July 25} & \text {The billing cycle ended.} \\
\hline
\end{array}\)