A bill for Php10,240 was due on July 1. Purchases of Php3,150 were made on July 7, andPhp4,100 was charged on July 22. A payment of Php4,000 was made on July 15. Theinterest on the average daily balance is 2.55% per month. Find the finance charge on theAugust 1 bill.1.A previous balance of Php69,156.22 was due March 17. A cash payment of Php7,606.50was made on March 27. Purchases of Php758.50 were made on March 31, Php1,499 onApril 1. Another payment of Php18,500 was made on April 10. Charges were also made onApril 17 with an amount of Php1,498.33. The interest on the average daily balance is3.55% per month. Find the finance charge on the April 17 bill.2.

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Answered: A bill for Php10,240 was due on July 1.…

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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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.