2. You have received credit card statement recently and it consisted of the following information March 1 Beginning balance RM 500 March 2 Tesco supermarket RM 465 March 6 Caltex petrol pump RM 100 March 15 Perodua service centre RM 1500 March 20 Payment RM 2000 March 27 Mas Golden Holidays RM 6500 March 31 Closing Based on the information above, in a piece of paper, calculate your: a) i. Average daily balance b) ii. Interest charge (18% per annum) c) iii. Minimum payment (5%)

2. You have received credit card statement recently and it consisted of the following information March 1 Beginning balance RM 500 March 2 Tesco supermarket RM 465 March 6 Caltex petrol pump RM 100 March 15 Perodua service centre RM 1500 March 20 Payment RM 2000 March 27 Mas Golden Holidays RM 6500 March 31 Closing Based on the information above, in a piece of paper, calculate your: a) i. Average daily balance b) ii. Interest charge (18% per annum) c) iii. Minimum payment (5%)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

A credit card had a previous balance of P 9 500 on June 10. A purchase of P 5 000 was made on June 15, and a payment of P 2 500 was made on June 23. Find the average daily balance, if the billing date is July 5 and the interest rate is 3.5% per month. Answer:
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ __?
Try Yourself - Question 2 Consider the following purchase history during October: Date Balance # of Days October 1 $110 8 October 9 $150 5 October 14 $260 8 October 22 $347 7 October 29 $612 3 The APR for this card is 16.45%. If the balance is not paid within the grace period, what is the total owed to the credit card company for this month? A. $261 B. $869 C. $616 D. $612 E. $704
Best Credit offer a credit card with an annual percentage rate of 14.98%, a 30 day statement period and a further 25 days interest free. Calculate the amount of interest charged on an outstanding balance of $625, given that the first purchase was made on the first day of the 30-day period and the balance was paid on day 69. Assume that no other purchases were made. (No dollar sign required) Answer:
Provide the answer is correct option
A credit card account had a balance of P 5 000 on October 12. A purchase of P 1500 was made on October 15 and a payment of P 3 500 was made on October 25. Find the current balance if the billing date is on November 12 and the interest rate is 2.5% per month. Answer:
Give answer within 45 min I will give you up vote
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Annual Purchases Payments Monthly Periodic Finance New Previous Percentage Rate (APR) (as a %) Charge (in $) and Cash and Balance Balance Rate Advances Credits (in $) $2,450.00 $1,334.98 $400.00 4
ou have a credit card that charges an interest rate of 15.65% compounded monthly. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 1,375.00 April 8 Purchase 41.60 1,416.60 April 15 Payment −175.00 1,241.60 April 17 Purchase 93.00 1,334.60 April 20 Purchase 14.00 1,348.60 April 28 Purchase 35.30 1,383.90 April 30 Ending Balance 1,383.90 What is the average daily balance for this account?$What is the finance charge for the month of April?
You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account.
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