5. On November 10, a customer's credit card had a balance of P12,300. Purchases of P2,450 and P5,600 were made on November 13 and November 23, respectively. A payment of P10,000 was made on December 5. If the interest rate on the average daily balance is 3.5% per month, compute the finance charge on the December 10 bill. Fill-in the table below to complete the activity on the credit card. Unpaid Balance per day 12,300 Number of Days Period Total Unpaid Balance 36,900 Purchases or Payments Nov. 10 – 13 Nov. 13 – 23 Nov. 23 – Dec. 5 Dec. 5 – Dec. 10 Total

5. On November 10, a customer's credit card had a balance of P12,300. Purchases of P2,450 and P5,600 were made on November 13 and November 23, respectively. A payment of P10,000 was made on December 5. If the interest rate on the average daily balance is 3.5% per month, compute the finance charge on the December 10 bill. Fill-in the table below to complete the activity on the credit card. Unpaid Balance per day 12,300 Number of Days Period Total Unpaid Balance 36,900 Purchases or Payments Nov. 10 – 13 Nov. 13 – 23 Nov. 23 – Dec. 5 Dec. 5 – Dec. 10 Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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H5.
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