Poindexter has a credit card that uses the average daily balance method. for the first 15 days of a 31-day cycle, his balance was $2110, but then he paid off his entire balance and didn't make any new purchases. if his credit card's apr is 26%, how much was poindeexter charged in interest for the billing cycle
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This Post Has 4 Comments
22.55 is the answer on Apex.
zero if you pay off balances in full Credit card companies cant charge you interest
Poindexter’s credit card uses the average daily balance method.
After the first 15 days of a 31-day cycle, his balance was $2110
He paid off his entire balance and didn't make any new purchases
His credit card's APR is 26%,
His average daily balance for the month can be computed as:
Day 1 – 15 $2110
Day 16 -31 %0
(Day 1 Balance + Day 2 Balance + Day 3 Balance…) / number of days in the billing cycle
The interest Poindexter will be charged for the billing cycle is as follows: