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on Jane s credit card account, the average daily balance for

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on Jane s credit card account, the average daily balance for [#permalink] New post 24 Feb 2008, 17:58
141. on Jane’s credit card account, the average daily balance for a 30-day billing cycle is the average of the daily balances at the endo 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

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Re: 141. card account [#permalink] New post 25 Feb 2008, 01:40
The answer can be obtained by either of the statements.

Using opion 1: jane’s payment was credited on the 21st day of the billing cycle:

For the first 20 days the balance was 600, on the 21st day when the payment was made the balance amount was only 300 for the rest of the 30 days.
So,
Average Balance = (20*600 + 10*300)/30

2.The average daily balance through the 25th day of the billing cycle was $540

Lets Assume that the payment was made on the (n+1)th day:
So balance till nth day = 600
Balance from (n+1) till the 25th day = 300

So the average Balence for 25 days = (600(n) + 300*(25 - n))/25
so 540*25 = 600n + 300*25 - 300n
so n = 2

So avarage balance for 30 days = (600*2 + 300*28)/30
Re: 141. card account   [#permalink] 25 Feb 2008, 01:40
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