Questions: Fill in each blank so that the resulting statement is true. The average daily balance for a credit card's billing period is divided by the.

Fill in each blank so that the resulting statement is true. The average daily balance for a credit card's billing period is divided by the.
Transcript text: Fill in each blank so that the resulting statement is true. The average daily balance for a credit card's billing period is $\qquad$ divided by the $\qquad$ .
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Solution

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The average daily balance for a credit card's billing period is the sum of the daily balances divided by the number of days in the billing period.

Explanation:

  • The average daily balance method is a common way to calculate interest on a credit card.
  • To find the average daily balance, you first add up the balance for each day of the billing period.
  • Then, you divide this total by the number of days in the billing period to get the average daily balance.
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