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Joan has a credit card that uses the previous balance method. The opening balance of one of her 30-day billing cycles was $6390, but that was her balance for only the first 3 days of the billing cycle because she then paid off her entire balance and didn't make any new purchases. If her credit card's APR is 17%, which of these expressions could be used to calculate the amount Joan was charged in interest for the billing cycle?

A. \(\frac{17\%}{12} \times \$6390 \times \frac{3}{30}\)
B. \(\frac{17\%}{12} \times \$6390 \times \frac{27}{30}\)
C. \(\frac{17\%}{365} \times \$6390 \times 3\)
D. \(\frac{17\%}{365} \times \$6390 \times 30\)

Answer :

Answer:

Step-by-step explanation:

(0.17/365 x30)(6390)

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Rewritten by : Barada

The expression that represents the amount Joan was charged in interest for the billing cycle is $26.84.

What is an expression?

An expression contains one or more terms with addition, subtraction, multiplication, and division.

We always combine the like terms in an expression when we simplify.

We also keep all the like terms on one side of the expression if we are dealing with two sides of an expression.

Example:

1 + 3x + 4y = 7 is an expression.com

3 + 4 is an expression.

2 x 4 + 6 x 7 – 9 is an expression.

33 + 77 – 88 is an expression.

We have,

To calculate the amount Joan was charged in interest for the billing cycle using the previous balance method, we need to find the average daily balance for the billing cycle, which is calculated as the sum of the daily balances divided by the number of days in the billing cycle.

The daily balance is the balance at the end of each day, and it is calculated by adding new purchases and subtracting payments and credits from the previous day's balance.

In this case,

Joan had a balance of $6390 for the first 3 days of the billing cycle, so her average daily balance for the billing cycle can be calculated as:

((3 x 6390) + (27 x 0)) / 30

= 1917

This means that her average daily balance for the billing cycle was $1917.

To calculate the amount of interest Joan was charged for the billing cycle, we can use the following expression:

Interest = Average Daily Balance x Daily Interest Rate x Number of Days in Billing Cycle

The daily interest rate is calculated as the APR divided by 365 since there are 365 days in a year. In this case, the daily interest rate is:

0.17 / 365

= 0.000465753

So, the expression that can be used to calculate the amount of interest Joan was charged for the billing cycle is:

Interest = 1917 x 0.000465753 x 30

= $26.84 (rounded to the nearest cent)

Therefore,

The expression that represents the amount Joan was charged in interest for the billing cycle is $26.84.

Learn more about expressions here:

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