On the April 5 billing date, Michaelle Chappell had a balance due of $1145 54 on her credit card From April 5 through May 4, Michaelle charged an additional $408 76 and made a payment of $900a) Find the finance charge on May 5, using the previous balance method Assume that the interest rate is 11% per monthb) Find the new balance on May 5CITEa) The finance charge on May 5 is(Round to the nearest cent as needed

In credit cards there are finance charges based on previous balance method that means the interest…

Answered: Apri 5 billing date, Michaele Chappell…

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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Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $200. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18% on the account and that the billing date is April 1st. ..... Date Transaction April 3 Charged $125 for a coat April 11 Made payment of $142 April 21 Charged $34 for DVDs April 28 Charged $25 for groceries The finance charge for the month of April is $enter your response here.
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