2.8.1: Exercises

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Leah Griffith, Veronica Holbrook, Johnny Johnson & Nancy Garcia
Rio Hondo College

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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.
$\begin{array}{|l|l|}
\hline \text { July 1} & \text {The billing cycle begins with a balance of \$314} \\
\hline \text { July 2} & \text {A payment of \$314 is made.} \\
\hline \text { July 6} & \text {A purchase of \$5 is made.} \\
\hline \text { July 15} & \text {A purchase of \$12 is made.} \\
\hline \text { July 23} & \text {A purchase of \$103 is made.} \\
\hline \text { July 25} & \text {The billing cycle ended.} \\
\hline
\end{array}$