Terry has a credit card that uses the average daily balance method for the first 18 days of one of his billing cycles, his balance was $350, and for the last 12 days of the billing cycle, his balance was $520. if his credit cards APR is 14% which of these expressions could be used to calculate the amount Terry was charged in interest for the billing cycle?

ANSWER:  Amount terry was charged in interest for the billing cycle is $ 4.9 approximately. SOLUTION: Given, Terry has a credit card that uses the average daily balance method for the first 18 days of one of his billing cycles, his balance was $350, and for the last 12 days of the billing cycle, his balance was $520.  His credit cards APR is 14%  Using the average daily balance method, the amount to be used in calculating Theresa's interest is given by: [tex]\frac{\text { sum of product of number of days in bulling cycle and balance. }}{\text { moter }}=\frac{18 \times 350+12 \times 520}{18+12}\\\\=\frac{12540}{30}=418[/tex]Therefore, the interest charge on Theresa for the biling cycle is given by:[tex]\frac{\text {amount } \times A P R}{12 \text { months }}=\frac{418 \times 0.14}{12}=4.877[/tex]hence, amount terry was charged in interest for the billing cycle is $ 4.9 approximately.