Tom's credit card issuer calculates interest by first adding up the balances for all the days in the billing cycle and then dividing that total by the number of days. What is this method of calculating interest on a credit card called?

Question

02-03-2022
Mathematics

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Tom's credit card issuer calculates interest by first adding up the balances for all the days in the billing cycle and then dividing that total by the number of days. What is this method of calculating interest on a credit card called?

Sagot :

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