Candida has a revolving credit account at an annual percentage rate of 24%. Her previous monthly balance is $529.79. Find the new balance using the previous month's balance method if Candida's account showed the following activity. Payment $143.30 Country Lumber (charge) $230.18 Zahir Antiques (credit) $358.05 Mountain Vineyards (charge) $204.94 Bart's Garage (charge) $294.21 $499.39 $549.39 $657.37 $768.37

Candida has a revolving credit account at an annual percentage rate of 24%. Her previous monthly balance is $529.79. Find the new balance using the previous month's balance method if Candida's account showed the following activity. Payment $143.30 Country Lumber (charge) $230.18 Zahir Antiques (credit) $358.05 Mountain Vineyards (charge) $204.94 Bart's Garage (charge) $294.21 $499.39 $549.39 $657.37 $768.37

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On September 14, Jennifer Rick went to Park Bank to borrow $3,000 at 8.5% interest. Jennifer plans to repay the loan on January 27. Steven Linden met Jennifer Rick at Park Bank and suggested she consider the loan on exact interest. Calculate the loan for Jennifer under this assumption
Candida has a revolving credit account at an annual percentage rate of 24%. Her previous monthly balance is $589.79. Find the new balance using the previous month's balance method if Candida's account showed the following activity.
rachel has a new credit card with an apr of 14.99% and a credit limit of $1600. the minimum monthly payment is 3% of the new balance. if rachel purchases @250 in fishing supplies athe the beginning of the month, what will be rachels new balance at the end of the month?
Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, annual interest rate, and any other transactions are given below. last month's balance $530 payment $320 interest rate 17.8%bought dog $190 bought pet supplies $90 paid vet bill $70 what is the finance charge
Bryan's credit card has an a APR of 12% for purchases and 19% for cash advances. they use a daily periodic rate for purchases and cash advances there is a cash advance fee of 3% . in a 31 day billing cycle,Bryan's purchases balance that is subject to finance charges is $286.26 .in addition he took an advance of $500 during the billing cycle and must a finance charges on it is for 15 days . Bryan did not pay off his credit card, and the next month the purchase balance subject to finance charges was $622.86. What are the total finance charges for a 31 day billing cycle?
5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan Association. At the end of November her interest was computed at an annual interest rate of 7%. How much simple interest did Bertha's money earn? 6. Jasper Brown deposited $743 20 in a savi pany on MayWAt the end O 7 % How much simple interest did dasper s money earn? the Suburban Trust Com- annual rate of
John Smith has a credit card that charges 11% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 30 days. For 17 days his balance was $2,536.51. For 7 days the balance was $1,536.51. And for 6 days the balance was $1,895.33. Find the average daily balance. Find the amount of interest.
MN.55. Muriel has a line of credit with a limit of $10 OOO. She owed $8195 on July 1. Principal withdrawals for the period July 1 to November 30 were $3000 on August 20 and $600 on October 25. The line of credit agreement requires regular payments of$300 on the 15th day of each month. Muriel has made all required payments. Interest (including overdraft interest) is charged to the account on the last day of each month. The interest rate was 8% on July 1, but was changed to 7.5% effective September 15. Overdraft interest is 16% for any balance in excess of $10 000. (a) Calculate the interest charges on July 31, August 31, September 30, October 31, and November 30. (b) Calculate the account balance on November 30
Lydia borrows $2000 from a credit card company at 23% annually for two years. Determine Lydia’s monthly payments. $103.25 $103.95 $104.75 $106.85
Last month, Kaitlin's average daily balance on her credit card was $1,967.44. The annual interest rate on that credit card is 16.77%. The minimum payment on that card is the interest charge ( /= B - n) plus 3% of the ending balance or $25, which 365 ever is larger. If there were 31 days in that month and the ending balance was $2,581.05, what would be the balance on her credit card after she made that payment for that month? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 1289.65
James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $34,560 from the bank on a note payable for the business. Terms of the note are 10 percent interest for 45 days. 11 A 90-day $47,520 note payable to the bank is discounted at a rate of 8 percent. 22 Sold a car to Darnell Jones for $40,320 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 10 percent. 25 Sold a car for $48,960 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 9 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8…