The average daily balance of the credit card for the August 1 - August 31 billing period is $943.55.
The average daily balance can be determined by dividing the total daily balaces for August by the number of days in August.
The average daily balance = total balance / total number of days in Augst.
Total balance = (1500 x 3 days) + (1100 x10 days) + (850 x 10 days) + (750 x 7 days)
Total balance = 4500 + 11,000 + 8,500 + 5,250 = 29,250
The average daily balance = 29250 / 31 = $943.55
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