Calculate the average daily balance and finance charge on the statement below.Note: Round your answers to the nearest cent.9/169/199/30Billing datePaymentCharge: Home DepotPayment30-day billing cyclePrevious balance i10/310/7Cash advanceFinance charge is 1% on average daily balance.Average daily balanceFinance charge$:59 Credit1,45059 Credit69$ 1,900

Credit cards are personal debt financing that is provided to customers by financial institutions. It…

Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. Billing date Payment 9/16 9/19 9/30 10/3 10/7 Cash advance Finance charge is 1% on average daily balance. Charge: Home Depot Payment 36-day billing eyele Previous balance Average daily balance Finance charge $59 Credit 1,450 59 Credit 69 $ 1,900

Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. Billing date Payment 9/16 9/19 9/30 10/3 10/7 Cash advance Finance charge is 1% on average daily balance. Charge: Home Depot Payment 36-day billing eyele Previous balance Average daily balance Finance charge $59 Credit 1,450 59 Credit 69 $ 1,900

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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Similar questions

Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Previous Balance Percentage Rate (APR) Charge (in $) and Balance Rate Credits (in $) (as a %) $15.00 12% % $177.40 $45.00
Calculate the credit given for the partial payment and the net amount due on the invoice (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale PartialPayment Credit forPartial Payment NetAmount Due $8,303.00 2/10, n/30 $2,400 $ $
You have a credit card that charges an interest rate of 14.85% compounded monthly using the average daily balance method. The table below shows your activity for the month of July. Activity Beginning Balance Purchase Date July 1 July 9 July 14 Payment July 15 Purchase July 16 Purchase July 26 Purchase July 31 Ending Balance Amount 47.81 -225.00 82.38 18.15 38.8 Balance 697.52 745.33 520.33 602.71 620.86 659.66 659.66 What is the average daily balance for this account? What is the finance charge for the month of July?
Using the table, what is the average daily balance of the credit card for the November 1 - November 30 billing period? Round your answer to the nearest cent.Do not include a dollar sign or comma in your answer. For example, $5, 678.00 should be entered as 5678.00. Day Activity Adjustment Closing Balance 1 7500 11 Payment -500 7000 21 Payment -750 6250 30 Purchase +250 6500
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Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $4000 balance, 14%, $2,500 payment (a) previous balance method $ (b) adjusted balance method $ (c) average daily balance method $ Need Help? Read It
Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $383.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.)
A credit card has a monthly rate of 1.6% and uses the average daily balance method for calculating interest. Here are some of the details in the June 1-June 30 itemized billing: June 1 Unpaid Balance: $450.98 Payment Received June 9: $130 Purchases Charged to the Account: $259.1 Average Daily Balance: $355.65 Last Day of the Billing Period: June 30 Payment Due Date: July 9. Click the icon to view the table. O A. a. $5.51 b. $326.49 c. $20.00 O c. a. $5.69 b. $585.77 c. $58.58 a. Find the interest due on the payment. due date. b. Find the total balance owed on the last day of the billing period. c. Minimum payment terms are shown in the accompanying table. What is the minimum payment due by July 9? C OB. a. $5.76 b. $320.98 c. $20.00 OD. a. $5.76 b. $676.63 3. $58.58
Using the table, what is the average daily balance of the credit card for the August 1 - August 31 billing period? Round your answer to the nearest cent. Provide your answer below: Day Activity Adjustment Closing Balance 1 850 8 Payment -400 450 16 Purchase +350 800 24 Purchase +600 1,400
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A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On Nov. 8 a $1000 charge is made. On Nov. 15 a $900 payment is made. On Nov. 17 a $200 charge is made. On Nov. 21 a $800 charge is made. using the average daily balance method, Caculate the interest charged if the account has a 17.5% rate and the billing period is 30 days.
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous mo th's balance. (Round dollars to the nearest cent.) Annual Monthly Finance Purchases Payments New Previous Percentage Rate (APR) (as a %) Periodic Charge and Cash and Balance Balance Rate (in $) Advances Credits (in $) 1-% $ 31.12 $2,490.00 15 % $1,354.98 $300.00 3576.1 4

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