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.) Monthly Periodic Annual Finance Purchases Payments and Credits New Previous Percentage Rate (APR) Balance (in $) Charge and Cash Balance Rate (in $) Advances (as a %) $1,029.61 % 1.25% $ $322.20 $200.00 24

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.) Monthly Periodic Annual Finance Purchases Payments and Credits New Previous Percentage Rate (APR) Balance (in $) Charge and Cash Balance Rate (in $) Advances (as a %) $1,029.61 % 1.25% $ $322.20 $200.00 24

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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n the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 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 ✕ 12 The monthly periodic rate is given to be 1.75%. Find the APR. APR = 12 ✕ monthly periodic rate = 12 ✕ ____ % = ____%
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Round your answer to the nearest dollar.)
Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table): Date of note Length of note Date note discounted Discount period March 07 120 days June 08 days
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.) PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,470.00 % 1 1/4 % $ $1,334.98 $200.00 $
Entries for Discounted Note Payable A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. fill in the blank c68ddb02d07e078_2 fill in the blank c68ddb02d07e078_3 fill in the blank c68ddb02d07e078_5 fill in the blank c68ddb02d07e078_6 fill in the blank c68ddb02d07e078_8 fill in the blank c68ddb02d07e078_9 b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. fill in the blank 9fbf4a07707ffe0_2 fill in the blank 9fbf4a07707ffe0_3 fill in the blank 9fbf4a07707ffe0_5 fill in the blank 9fbf4a07707ffe0_6
< Sunshine Service Center received a $40,000, 120-day, 6% note, dated April 12, from a customer on account. Assume 360 days per year. a. Determine the due date of the note. August 10 b. Determine the maturity value of the note. 120 c. Journalize the entry for the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Note Receivable Interest Revenue
The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the customer, payabl years. A 4% interest is due from the customer every December 31st. The customer's borrowing rate is 6%. The i revenue to be recorded on the note receivable at the end of the first year is (ignore decimals in your calculations Select one: a. $19,309 Ob. $12,872 c. $13,600 X d. $22,808
plz solve!!
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?
Answer with in 30 Minutes to get upvotes?
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Maple November 21 $180,000 6% 120 days Wyman December 13 140,000 7% 90 days Nahn December 19 210,000 5% 60 days Maple: Answer Wyman: Answer Nahn: Answer
1 Required: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) Principal Amount on Notes Annual Interest Time Period Rate Interest Earned Receivable ok a S 65,000 11.4 % 6 months b. $ 43,000 % 9 months $ 3,483 C. 9.3 % 12 months $ 3,069 nces

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