Laura’s credit card has an APR of 12.04%, and it computes finance charges using the daily balance method and a 30-day billing cycle. On June 1st, Laura had a balance of $606.40. She made exactly one transaction in June: a payment of $55.25. If Laura’s finance charge for June was $5.71, on which day did she make the payment?

The daily rate is 12.04% ÷ 365. The payment reduces the balance from $606.40 to $551.15, so the daily-balance total is $606.40n + $551.15(30 − n), where n is the number of days before the payment takes effect. Setting that total times the daily rate equal to $5.71 gives n ≈ 14. Thus the original balance applies for June 1–14, meaning the payment was made on June 15. The correct choice is June 15th.

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