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Tony's Albert's Credit card finance is based on the average-daily-balance method with new purchased included. His monthly periodic rate is 2.25% and his finance charge for the past billjng cycle was $12.60. Find his average daily balance.

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sqdancefan

Answer:

$560.00

Step-by-step explanation:

Let b represent Tony's average daily balance. The finance charge is computed from ...

... finance charge = 2.25% × b

We can fill in the given value and divide by the coefficient of b.

... $12.60 = 0.0225b

... $12.60/0.0225 = b = $560.00

Tony's average daily balance was $560.00.

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