Assume a 31-Day Month to Calculate Your Average Daily Balance

question 12

Multiple Choice

Assume a 31-day month to calculate your average daily balance for your credit card bill. Your daily balance for the first 10 days was $1,400, for the next 10 days was $1900, and for the last 10 days was $2700. What will your average daily balance be at the end of the month?

• A) $1935.48
• B) $19.35
• C) $193.58
• D) You cannot use the Average Daily Balance Method on this problem

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Definitions:

Psychosocial Development

A concept introduced by Erik Erikson, referring to the growth and development of the individual’s psyche in and interaction with their social environment.

Initiative

A willingness to take charge or begin actions independently.

Guilt

An emotional state that arises from the realization or belief that one has committed an error, offense, or violated a moral standard.

Psychoanalytic Work

involves the application of psychoanalytic theories and techniques to explore and treat the unconscious motivations and conflicts underlying mental disorders.