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On Jane's credit card account, the average daily balance for [#permalink]
23 Aug 2007, 17:30
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On Jane's credit card account, the average daily balance for a 30-day billing cycle is the average (arithmetic mean) of the daily balances at the end of each of the 30 days. At the beginning of a certain 30-day billing cycle, Jane's credit card account had a balance of $600. Jane made a payment of $300 on the account during the billing cycle. If no other amounts were added to or subtracted from the account during the billing cycle, what was the average daily balance on Jane's account for the billing cycle?
(1) Jane's payment was credited on the 21st day of the billing cycle.
(2) The average daily balance through the 25th day of the billing cycle was $540.