Calculate the average daily balance and finance charge on the statement below.Note: Round your answers to the nearest cent.9/169/199/3010/3Billing datePaymentCharge: Home DepotPayment30-day billing cyclePrevious balance10/7Cash advanceFinance charge is 1.5% on average daily balance.Average daily balanceFinance charge$ 66 Credit1,80066 Credit76$ 2,600

The average daily balance is a common accounting method that calculates interest charges by…

Answered: Calculate the average daily balance and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $153.98, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $38.34 average daily balance $ finance charge $
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle 9/16 Billing date Previous balance $ 800 9/19 Payment $ 48 cr. 9/30 Charge: Home Depot 900 10/3 Payment 48 cr. 10/7 Cash advance 58 Finance charge is 1.25% on average daily balance.
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $121.60 average daily balance = $
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date $ 1,070 previous balance 9/7 Payment $ 260 cr. 9/13 Charge: Kohl’s $ 450 9/17 Payment $ 280 cr. 9/28 Charge: WalMart 95
LATION Saved V Mailings Review View Help Grammarly lity: Investigate O Search (Alt+Q) The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: I Days 1-5: $200 (initial balance) Days 6-20: $350 ($150 purchase) Days 21-30: $150 ($200 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth. DELL Enter
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% per month on the average daily balance Find (a) the average daily balance, (b) the monthly finance charge, and (e) the account balance for the next billing Previous Balance: $485.26 January 13 Billing Date January 15 Retums January 20 Clothes January 27 Bus Sickets February 2 Payment February 6 Flowers $105.09 $114.34 $76.83 $130 $64.41 (a) The average daily balance is (Round to the nearest cent as needed.) (b) The finance charge is (Round to the nearest cent as needed) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $152.72, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $35.43 average daily balance $ finance charge $
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Annual Purchases Payments Monthly Periodic Finance New Previous Percentage Rate (APR) (as a %) Charge (in $) and Cash and Balance Balance Rate Advances Credits (in $) $2,450.00 $1,334.98 $400.00 4
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
Dallas Pierce's most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas's average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle Billing date Payment Charge: Kohl's Payment Charge: WalMart $1,010 previous balance 140 cr. 9/2 24 $ 300 24 9/7 9/13 9/17 220 cr. 9/28 65 es Average daily balance Finance charge New balance ace

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