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oindexter has a credit card that uses the average daily balance method. For the first 15 days of a 31-day billing cycle, his balance was $2110, but then he paid off his entire balance and didn't make any new purchases. If his credit card's APR is 26%, how much was Poindexter charged in interest for the billing cycle? HURRY

oindexter has a credit card that uses the average daily balance method For the first 15 days of a 31day billing cycle his balance was 2110 but then he paid off class=

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Daryn121504

Answer:

The answer is either B or C. But I'd go with C


Answer:

The answer is option C: $22.55.

Step-by-step explanation:

Given is that Poindexter’s credit card uses the average daily balance method.

For the first 15 days of a 31-day cycle, his balance was $2110

He paid off his entire balance and didn't make any new purchases after that.

Means for the first 15 days, the balance was $2110 and for last 16 days the balance was$0.

The APR is 26% or 0.26

The interest can be calculated as:

[tex]\frac{15}{365} \times0.26\times2110=22.545[/tex] ≈ $22.55

The interest charged was $22.55

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