A credit card account had a $230 balance on March 5. A purchase of $150 was made on March 12, and a payment of $200 was made on March 28. Find the average daily balance if the billing date is April 5. (Round your answer to the nearest cent.)

Q: Suppose the charge account of​ Strong's Mailing Service at the local supply store had a​ 1.8%…

A: The question is based on the concept of Financial Accounting.

Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…

A: In credit cards, we can say that finance charges include interest and transaction fees charged on…

Q: olve the problem. On the September 1 billing date. Martin had a balance due of $984.01 on his credit…

A: Companies charges the interest on credit card based on average daily balance during the month that…

Q: A credit card had a previous balance of P 9 500 on June 10. A purchase of P 5 000 was made on June…

A: Credit card balance is the net amount owed by the borrower at the end of given month. The balance…

Q: A credit card bill of $660 was due on July 1. Purchase of $375 were made on July 7, and $310 was…

A: Credit card issuing companies charges monthly interest on any unpaid balance. For computing the…

Q: Answer:

A: The interest rate on a credit card, commonly known as a 'cash loan,' is the rate charged by a credit…

Q: A credit card bill for $660 was due on July 1. Purchases of $375 were made on July 7, and $310 was…

A: Credit card issuing companies charges monthly interest on any unpaid balance. For computing the…

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

A: Solution Given Balance on October 12 5000 Purchase made on October 15 1500 Payment…

Q: Credit Card Statement Transaction Description Previous balance, $2653.02 June 1 Billing date June 6…

A: When a person or a company needs money for the purpose of purchasing something, they can apply for a…

Q: The credit card with the transactions described on the right uses the average daily balance method…

A: Average daily balance is the average balance on the whole month sale and purchase and is the basis…

Q: Find the​ Black's finance charge on April 1

A: Finance Charge is a charge on the amount lent. On lending an amount, an interest is charged on the…

Q: In John​ Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: The finance charge is the amount charged by using some fixed percentage on the borrowed amount by…

Q: In John Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: Firstly , calculate the average daily balance : Period  Days Balance amount Total days amount…

Q: Use the average daily method to find the finance charge on the credit card account for September…

A: Average daily balance is a method in which balance for each day is calculated. Sum of each day…

Q: On July 7, the billing date, Marvin Zug had a balance due of $265.72 on his credit card. His card…

A: Data given: Transaction Date Transaction detail Amount ($) Jul-07 Balance due 265.72 Jul-15…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: The average daily balance is used in accounting to calculate the interest charges, Under this method…

Q: For the credit card account, assume one month between billing dates (with the appropriate number of…

A: Average daily balance is the

Q: An unpaid credit card bill for $656.95 had a due date of May 8.  Purchases of $365. were made on May…

A: The question is based on the concept of finance charge calculation for credit card based on the…

Q: uppose the charge account of​ Black's Mailing Service at the local supply store had a 1.5​%…

A: The costs of borrowing the money, comprising interests as well as other fees, is referred to as a…

Q: Suppose that you made three purchases using your credit card during the month of January. The first…

A: Average daily balance represents the balance of the credit card each day on an average depending…

Q: Using the table, what is the average daily balance of the credit card for the August 1 through…

A: The average daily balance is generally used to calculate interest on credit card balances. It means…

Q: For the credit card account, assume one month between billing dates (with the appropriate number of…

A: Credits cards are now days very common and used by every one and provide short term credit and…

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

A:

Q: A credit card account had a $208 balance on March 5. A purchase of $182 was made on March 12, and a…

A: A credit card is a credit facility provided by banks to its customers using which purchases and…

Q: The balance on Ramon Felipe's credit card on January 19, his billing date, was $313.13. For the…

A: Computation of total balance Period Transaction Transaction value No. of days Balance  Total…

Q: be entéréd as 5678.00. Day Activity Adjustment Closing Balance 1 7500 11 Payment -500 7000 21…

A: In this we have to calculate total monthly balance and than find out average daily balance.

Q: A credit card bill for $655 was due on April 14. Purchases of $155.56 were made on April 19. The…

A: Average Daily Balance: It represents the balance of the credit card at the end of the day divided…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: The ending balance is the sum of its previous outstanding balance less any payments and addition of…

Q: transactions described on the right uses the average daily balance method to calculate interest. The…

A: Transactions - A transaction is a commercial occurrence that results in a monetary impact on the…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: The billing cycle is the time gap between two closing dates of the company. The ending balance is…

Q: For the period beginning October 14, the average daily balance on Perry’s credit card was $810. If…

A: The credit card is a debt instrument that provides its holders with the ability to use funds for…

Q: A credit card has a monthly rate of 1.54%. In the January 1-January 31 itemized billing, the average…

A: Here,Monthly Rate is 1.54%Average Daily Balance is $875.35Time Period is 1st Jan to 31st JanDue Date…

Q: What is the finance charge for this month?

A: Finance Charge: The finance charge represents the cost of borrowing or the cost of credit. Hence,…

Q: On august 10, a credit card account had a balance of $345. A purchase of $64 was made on august 15,…

A: Finance charge means the interest which a borrower is required to pay on the outstanding credit. The…

Q: 1. The table below shows the activity on the credit card statement of Miss PepperCorn for the month…

A: DateActivityLocationAmount05/05PaymentPayment$20005/15ChargeGas$52.3705/27ChargeMacy's$105.42

Q: On August 10, a credit card account had a balance of $345. A purchase of $52 was made on August 15,…

A: Beginning balance = $345Purchases  made  on August 15= $52Amount charged on August 27 = $161Payment…

Q: Suppose that you made three purchases using your credit card during the month of January. The first…

A: A plastic card is issued by financial institutions such as banks to the account holders. This card…

Q: Nancy is reviewing her November credit card statement. Her beginning balance was ​$605 and she made…

A: Data Given:: Beginning balance  =​$605 Payment on November 10 =​$175 Purchases on November​ 5 =​$100…

Q: A credit card account had a $299 balance on March 5. A purchase of $184 was made on March 12, and a…

A: The account has a starting balance on March 5, a purchase on March 12, and a payment on March 28.…

Q: % and the CD duration is 162 days. What is the amount due to th tomer at expiration of the CD? and…

A: Face value=$909.642Interest rate=6%Period=162 days