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tutonaranjo
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 Posted: Thu Aug 30, 2007 12:27 pm Post subject: GMAT Prep - Jane's Credit Card |
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On Jane's credit card account, the average daily balance for a 30-day billing cycle is the average (arithmetic mean) of the daily balances at the end of each of the 30 days. At the beginning of a certain 30 day billing cycle, Jane's credit card account had a balance of $600. Jane made a payment of $300 on the account during the billing cycle. If no other amounts were added to or substracted from the account during the billing cycle, what was the average daily balance on Jane's account for the billing cycle?
1) Jane's payment was credited on the 21st day of the billing cycle
2) The average daily balance through the 25th day of the billing cycle was $540
Answer is D
Could someone please explain this? |
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ratindasgupta
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| Posted: Thu Aug 30, 2007 12:38 pm Post subject: Re: GMAT Prep - Jane's Credit Card |
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| tutonaranjo wrote: | On Jane's credit card account, the average daily balance for a 30-day billing cycle is the average (arithmetic mean) of the daily balances at the end of each of the 30 days. At the beginning of a certain 30 day billing cycle, Jane's credit card account had a balance of $600. Jane made a payment of $300 on the account during the billing cycle. If no other amounts were added to or substracted from the account during the billing cycle, what was the average daily balance on Jane's account for the billing cycle?
1) Jane's payment was credited on the 21st day of the billing cycle
2) The average daily balance through the 25th day of the billing cycle was $540
Answer is D
Could someone please explain this? |
1) If Jane's payment was credited on 21st, then day 1 to day 20 would have a $600 balance and day 21 onwards, the balance will be $300. So SUFF
2) If average daily balance till 25th is $540, its obvious that the payment is already credited. Hence, day 26 onwards the balance will be $300 everyday. Hence SUFF
Answer is therefore D.
Hope this clears your doubt. |
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