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6.10 Exercise 7

Avg difficulty 2.5

Compute the interest charged for the credit card based on the given average daily balance (ABD), annual interest rate, and number of days in the billing cycle.

  1. ADB = $2,765.00, annual interest rate 13.99%, billing cycle of 30 days
  2. ADB = $789.30, annual interest rate 17.99%, billing cycle of 31 days
  3. ADB = $1,037.85, annual interest rate 11.99%, billing cycle of 28 days

OpenStax Contemporary Mathematics, 6.10 Credit Cards, exercise 7

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.