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 answer to the nearest cent.) $850 balance, 18%, $800 payment; average daily balance method

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Variables in the question:Balance=$700Rate(r)=17%Payment=$650Assume 365 days in a year

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Q: Assume that you start with a balance of $3900 on your credit card. During the first month you charge…

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Q: Calculate the average daily balance and finance charge on the statement below. Assume 2% finance…

A: Total Amount= Amount * Number of daysTotal Cummulative amount= 6000+2700+3300= 12000

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Q: Find the monthly payment for a bank loan. (Round your answer to the nearest cent.) $100 loan for 12…

A: Answer  Principle amount = $100 Interest rate =12% Time = 12 months

Q: Assume that you start with a balance of $3900 on your credit card.During the first month you charge…

A: Here, Balance on Credit Card is $3900 APR is 29% Charges for first Month is $400 Charges for Second…

Q: be received and recorded, and that the month is 30 days long. (Round your answers to the nearest…

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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

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A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

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Q: Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous…

A: Month 1: Outstanding balance in beginning = 610$ APR = 24%  Finance charge = 610$ * 24% * 1/12 =…

Q: Calculate the monthly finance charge for the credit card transaction. It takes 10 days for a payment…

A: We will calculate the interest on the basis of simple interest.

Q: Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 24%, compounded…

A: Principal = $1,100APR = 24%Minimum monthly payment = $24.75

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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: The question is based on the calculation of financial charges on a credit card. The Financial…

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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Information Provided: Balance = $4000 Rate = 16% Payment = $2500 Days it take for payment = 10 Days

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Given information : Time it takes for payment = 10 days Length of month = 30 days Balance = $475…

Q: nth. Round all values to the nearest cent. A. What is the finance charge for this first month? B.…

A: finance fee is the interest  pay on a loan you owe,If you carry a debt from one payment month to…

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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Step 1:Given,10 days to receive and record a payment,30 days long month,Beginning balance is…

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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Credit card refers to the instrument of finance that is being provided by banks of financial…