Lana has a credit card that uses the adjusted balance method For the first 10 days of one of her 30-day billing cycles, her balance was 2800 . She then made a payment of 1200 so her balance decreased to 1600, and it remained that amount for the next 10 days Lana then made a purchase for 500 so her balance for the last 10 days of the billing cycle was 2100 If her credit card's APR is 35% how much was Lana charged in interest for the billing cycle? A. 14.38 B. 60.41 C. 80.55 D. 46.03

To calculate the interest charged to Lana for the billing cycle, we need to follow these steps:<br /><br />1. Calculate the average daily balance for the billing cycle.<br />2. Calculate the monthly interest rate based on the APR.<br />3. Calculate the interest charged for the billing cycle.<br /><br />Step 1: Calculate the average daily balance for the billing cycle.<br /><br />The billing cycle is 30 days long. For the first 10 days, the balance was $2800. For the next 10 days, the balance was $1600. For the last 10 days, the balance was $2100.<br /><br />Average daily balance = (Sum of daily balances) / (Number of days in the billing cycle)<br />Average daily balance = ($2800 * 10 + $1600 * 10 + $2100 * 10) / 30<br />Average daily balance = ($28000 + $16000 + $21000) / 30<br />Average daily balance = $65000 / 30<br />Average daily balance = $2166.67<br /><br />Step 2: Calculate the monthly interest rate based on the APR.<br /><br />APR = 35%<br />Monthly interest rate = APR / 12<br />Monthly interest rate = 35% / 12<br />Monthly interest rate = 2.9167%<br /><br />Step 3: Calculate the interest charged for the billing cycle.<br /><br />Interest charged = Average daily balance * Monthly interest rate<br />Interest charged = $2166.67 * 2.9167%<br />Interest charged = $63.41<br /><br />Therefore, the correct answer is B. $60.41.