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 $28.59 October 16 | Credit $20.00 October 25 Purchase $124.60 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 $28.59 October 16 | Credit $20.00 October 25 Purchase $124.60 average daily balance = $

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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Assume that you start with a balance of $630 on your credit card. During the first month, you charge $180 and make a payment of $400. During the second month, you charge $100 and make a payment of $320. Assume that your credit card charges a 20% APR. Complete the following table. (Round your answers to the nearest cent.) Previous Balance Finance Charge (+) Purchases (+) Payments (-) New Balance Month 1 Month 2
Consider the following credit card activity for the month of September: Date Balance September 1 $0 September 6 $355 September 15 $1,052 September 19 $1,798 September 25 $2,326 If this card's annual APR is 15.8% and the September balance is not paid during the grace period, how much interest is owed for September? • There are 30 days in September. Round your answer to the nearest dollar.
Use average daily balance method to compute finance charge on credit card account for August, 31 days. The starting balance from previous month is $290. Transactions are shown below. Assume annual interest rate of 25% on the account and the billing date is august 1st. 8/3-payment of $74 8/6-charged $150 8/21 charged $20 8/28 charged $26
Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 1.75%. The itemized billing for the month of April is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date April 1 April 3 April 11 April 15 April 28 April 30 May 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. $ Amount 95 755 395 890 845 (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle Previous balance 9/16 Billing date Payment Charge: Home Depot Payment Cash advance $ 1,400 9/19 54 cr. 9/30 10/3 10/7 1,200 54 cr. 64 Finance charge is 1.25% on average daily balance. Average daily balance Finance charge %24
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. A. Find the interest to be paid on july 1, the next billing date. Round to the nearest cent. The interest to be paid on july 1 $__
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
Finance Calculating the Cost of Credit Card Purchases Directions Use the interest rate of 18% and an annual fee of $49 to complete this chart. In Month 1, there was a balance due of $3,000. The borrower will make a monthly payment of $200 and keep new purchases of goods and services at $115 per month for the year. Month 1 Calculate the interest for each month (balance x 1.5%). To obtain the balance for the next month, subtract the payment from the balance and add cost of new purchases plus monthly interest and fee. For example: $3,000 - $200 = $2800+ $115 + $94 = $3,009. (NOTE: The annual fee of $49 is paid only once.) 2 3 4 5 6 7 8 9 10 11 Interest rate: 18% (APR); 1.5% monthly 12 Balance $3,000 $3,009 $2,969.14 Payments $200 $200 Purchases $115 $115 E $49 $45 67-20112.2011 CARD WALICH FRACTORES 2017-12-221. PARTS TAPER Annual fee: $49 Interest & Fee $45.14 Interest & Fee (Cumulative) $94 $139.14 101
Suppose that your credit card activity for December looked like this: Date Activity December 5 $323 purchase December 10 $430 purchase December 15 $217 purchase December 20 $344 purchase December 25 $171 purchase What was your average daily balance for December? Round your answer to the nearest dollar.
Tutorial Exercise Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Annual Finance Purchases Payments and Credits New Balance Previous Percentage Rate (APR) Charge (in $) and Cash Balance Rate Advances (in $) (as a %) $1,022.61 1.5% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Balance Previous Percentage Rate (APR) Charge (in $) and Credits Balance Rate (as a %) (in $) $1,022.61 1.5% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. APR monthly periodic rate = 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate x 12 The…
Consider the following credit card activity for the month of September: Date Balance September 1 $0 September 7 $331 September 13 $935 September 21 $1,552 September 25 $ 2,208 If this card's annual APR is 20.9% and the September balance is not paid during the grace period, how much interest is owed for September? There are 30 days in September. Round your answer to the nearest dollar.
44. Subject :- Accounting

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