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What is the average daily balance

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Reference no: EM132519133

Assume your credit card has a balance of $242.18 on the June 3d billing date and assume your next billing date is July 3'd. Suppose you have the following transactions on your credit card:

June 3                       Billing Date
June 10                        Payment                $100.00
June 15                          Food                     $40.16
June 21                          Food                      $44.54
June 28                          Food                        $52.57

Question 1: What is the average daily balance?

Reference no: EM132519133

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