A bill for Php10,240 was due on July 1. Purchases of Php3,150 were made on July 7, and Php4,100 was charged on July 22. A payment of Php4,000 was made on July 15. The interest on the average daily balance is 2.55% per month. Find the finance charge on the August 1 bill.
A bill for Php10,240 was due on July 1. Purchases of Php3,150 were made on July 7, and Php4,100 was charged on July 22. A payment of Php4,000 was made on July 15. The interest on the average daily balance is 2.55% per month. Find the finance charge on the August 1 bill.
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
Related questions
Question
![A bill for Php10,240 was due on July 1. Purchases of Php3,150 were made on July 7, and
Php4,100 was charged on July 22. A payment of Php4,000 was made on July 15. The
interest on the average daily balance is 2.55% per month. Find the finance charge on the
August 1 bill.
1.
A previous balance of Php69,156.22 was due March 17. A cash payment of Php7,606.50
was made on March 27. Purchases of Php758.50 were made on March 31, Php1,499 on
April 1. Another payment of Php18,500 was made on April 10. Charges were also made on
April 17 with an amount of Php1,498.33. The interest on the average daily balance is
3.55% per month. Find the finance charge on the April 17 bill.
2.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F26e757f6-73ed-4fb3-9dbf-61e537bf36c9%2F6d620892-bda9-41ac-8026-0a0c2b3bcd46%2F62lnor7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A bill for Php10,240 was due on July 1. Purchases of Php3,150 were made on July 7, and
Php4,100 was charged on July 22. A payment of Php4,000 was made on July 15. The
interest on the average daily balance is 2.55% per month. Find the finance charge on the
August 1 bill.
1.
A previous balance of Php69,156.22 was due March 17. A cash payment of Php7,606.50
was made on March 27. Purchases of Php758.50 were made on March 31, Php1,499 on
April 1. Another payment of Php18,500 was made on April 10. Charges were also made on
April 17 with an amount of Php1,498.33. The interest on the average daily balance is
3.55% per month. Find the finance charge on the April 17 bill.
2.
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