Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 9/16 9/19 9/30 10/3 10/7 Billing date Payment Charge: Home Depot Payment Cash advance 30-day billing cycle Previous balance Finance charge is 1.5% on average daily balance. Average daily balance Finance charge $60 Credit 1,500 60 Credit 70 $ 2,000

Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 9/16 9/19 9/30 10/3 10/7 Billing date Payment Charge: Home Depot Payment Cash advance 30-day billing cycle Previous balance Finance charge is 1.5% on average daily balance. Average daily balance Finance charge $60 Credit 1,500 60 Credit 70 $ 2,000

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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For the credit card account below, compute the average daily balance, the finance charge, and the account balance for the next billing. Assume the billing cycle bogins on the same date each month and that the interest rate is 16% per month. Previous Balance plus Interest: $1030 April 1 First Day of the Billing Cycle $1030 April 12 Puchase Clothes 569 April 15 Online Purchase $123 April 17 Returns $41 April 27 Purchase Flowers $29 April 28 Payment 5132 Average Daily Balance: Monthly Finance Charge: Account Balance for the start of the Next Billing:
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 = $
so.4 A credit card has a $730 balance and a 18.44% annual percentage rate the minimum required monthly payment is 2.83% of the balance estimate the credit card balance after 54 payments.
Calculate average daily balance: (Round your answer to the nearest cent.) 29 Day Billing Cycle 9/6 Balance $600 9/18 Payment $200 9/24 Charge $300 Average daily balance
Need answer the question
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 $27.59 October 16 Credit $20.00 October 25 Purchase $124.60 average daily balance = $
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ __?
Use the average daily balance method to compute the finance charge on the credit card account for the month of august (31 days). The starting balance from the previous month is $240. The transactions on the account for the month are given in the table. Assume an annual interest rate 17% on the account and that the billing date is august 1. 8/5 payment of $89 8/12 charged $130 8/16 charged $27 8/25 charged $26 what is finance charge of august
Give answer within 45 min I will give you up vote
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.)
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 = $ ___
A credit card has a monthly rate of 1.23%. In the January 1-January 31 itemized biling, the average daily balance is $706 23. The payment due date is February 9. Find the interest due on this date using the average daily balance method. Round answer to the nearest cent EIER

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