Answer:
~$2.86
Explanation:
To calculate the interest accrued on the credit card balance over the 1-month period, we need to break down the balance into the respective time periods and then calculate the interest for each period.
Given:
Days 1-3: Initial balance = $150
Days 4-20: $50 purchase, total balance = $200
Days 21-30: $150 payment, total balance = $50
We'll calculate the interest for each period separately and then sum them up.
Interest for Days 1-3:
Initial balance = $150
Interest for 3 days = (150 * 0.155 * 3) / 365
≈ $1.24
Interest for Days 4-20:
Average daily balance = (1503 + 20017) / 20
= $170
Interest for 17 days = (170 * 0.155 * 17) / 365
≈ $1.41
Interest for Days 21-30:
Average daily balance = $50
Interest for 10 days = (50 * 0.155 * 10) / 365
≈ $0.21
Total interest accrued = $1.24 + $1.41 + $0.21
≈ $2.86
Therefore, the total interest accrued on the credit card balance over the 1-month period is approximately $2.86.
