It is currently 18 Nov 2017, 01:52

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

On Jane's credit card account, the average daily balance for

Author Message
Intern
Joined: 23 Oct 2008
Posts: 23

Kudos [?]: 23 [0], given: 0

On Jane's credit card account, the average daily balance for [#permalink]

Show Tags

15 Dec 2008, 22:03
1
This post was
BOOKMARKED
This topic is locked. If you want to discuss this question please re-post it in the respective forum.

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.

It's bloodily wordy. can anyone please also explain the question?

Kudos [?]: 23 [0], given: 0

SVP
Joined: 07 Nov 2007
Posts: 1791

Kudos [?]: 1088 [0], given: 5

Location: New York
Re: Most Diff Q from GMATPRep [#permalink]

Show Tags

15 Dec 2008, 22:39
yhc25 wrote:
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.

It's bloodily wordy. can anyone please also explain the question?

"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."
--> this part explaining definition of average daily balance.

Assume 1st is the begining of the cycle and 30the end of the billing cycle.
(1)
ADB = (600*20 + (600-300)*10 )/30

(2) let say payment credited on n+1 th day
ADB for 25 days = 540= (600*n+ 300(25-n))/25
--> 2n+25-n= 45 --> n=20
ADB for 30 days = (600*20 + (600-300)*10 )/30

D
_________________

Smiling wins more friends than frowning

Kudos [?]: 1088 [0], given: 5

Re: Most Diff Q from GMATPRep   [#permalink] 15 Dec 2008, 22:39
Display posts from previous: Sort by

On Jane's credit card account, the average daily balance for

Moderator: chetan2u

 Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.