A particular credit card calculates interest using the unpaid balance method. The monthly interest rate is 1.57% on the unpaid balance on the first day of the billing period minus any payment. At the beginning of the month you owed $1352. You made a payment of $300. a) During the month you bought theatre tickets for $37, went out to eat for $80, and bought a television for $350. What's your new balance (include what your balance was after your payment + new purchases + finance charges)?

Q: You took a $500 cash advance by using checks linked to your credit card account. The bank charges…

A: Cash advance = $ 500 Cash advance fee = 2% Cash advance fee amount = Cash advance*Cash advance fee…

Q: Find the average daily balance for the credit card with the following transactions. Assume one month…

A: Average daily balance refers to the method used for calculating the interest charges by the banks…

Q: will be received and posted on the 10th of each month. No other charges will be made on the account.…

A: The computation of charges for purchases made with a credit card is the subject of the inquiry.…

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

A: Finance charge is the charge which is paid by the borrower for borrowing the money from the…

Q: On October 26, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: A credit card refers to a credit facility that is provided by the banks or financial institutions…

Q: a credit card charges 2.3% interest per month on the average daily balance if the unpaid balance is…

A: Interest expenses = Average balance * interest rate Balance due with interest = Unpaid Balance +…

Q: You get a credit card. The bill for $1024 was due on July 1. Purchases of $315 were made on July 7,…

A:

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: The average daily balance is a method used by credit card companies to calculate the amount of…

Q: Use the unpaid balance method to find the Finance charge on the credit card account for April. The…

A: Credit cards are charged on the basis of average daily balance in the account and are charged on the…

Q: Dy using Une of your two črédit cards. The Silver Card charges 18% interest and calculates interest…

A: For Silver card First Payment of 10 th November is $600 Balance   =$1800 - $600 = $1200 second…

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: On October 24, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: (a) Let's first calculate the interest charged by the Silver Card: The…

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: You had a balance of $2,100 last month after your payment on your credit card. You charged one pair…

A: Adjusted balance method: Total Balance due    = Beginning balance - Payments paid  + Monthly…

Q: Your monthly payments are due on the 8th of each month, starting October 8. The lender receives your…

A: Principal amount : It is the initial or the total amount that is being borrowed by an individual…

Q: Solve the problem. On the January 25 billing date, Vivian had a balance due of $387.19 on her credit…

A:

Q: A credit card has an average daily balance of $2,861.56 and the monthly periodic rate is 1.295%.…

A: Average Daily Balance of Credit Card = $2,861.56 Monthly Interest Rate = 1.295%

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: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…

A: Here,Last Month Balance is $440Payment is $330Interest Rate is 19.20%Method is Unpaid Balance Method

Q: 13) A customer with unpaid balance for merchandise of $210.00 from the previous month has been…

A: Finance charge as per unpaid balance method is computed by multiplying the unpaid balance with the…

Q: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…

Q: You miss your first payment on the $375 balance. You receive a bill in the mail after 45 days…

A: When you miss your payment, the credit card company charges interest on it. The new balance will be…

Q: All else held constant, which of the following would make the put option on the common stock more…

A: Put options provide investors with the right, but not the obligation, to sell a specified amount of…

Q: On October 24, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: balance method. The table below shows your activity for the month of July. Date July 1 July 9 July…

A: Credit cards provide short term credit and can be later with interest and credit cards are used now…

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.