Bob has a credit card with an APR of 25%. He paid off all but $434 in May. Bob'sbilling period runs from June 2 through July 1. He then:made a charge $345 on June 3made a charge $562.30 on June 10made a charge $54.32 on June 15made a payment of $100 on June 20made a charge $562.35 on June 29What is the average daily balance over June? (hint: you can use the answer fromprevious problem)None of above$1226.87$11660.585573.91

Calculation of credit card balance on following dates: Date Opening Balance Charge Payment…

Answered: Bob has a credit card with an APR of…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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Answer the questions based on the credit card statement attached. 1. What is the finance charge for the current billing period? 2. How much is the annual interest rate of his unpaid balance is over $500?Answer in: amount% For example 13% 3. How much is the annual percentage rate if he unpaid balance is less than $500? Example: 13% 4. What is the minimum payment due? 5. What is the total amount charged for purchases made during the previous month? 6. How much credit does Joan Berelli still have available? You must calculate this as it isn't given on the credit card statement. 7. What is the new balance?
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