A credit card company determines a card holder's minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of 0.05353% per day. On November 14, a customer used his credit card to pay for the following business expenses: van repairs ($877), equipment maintenance ($366), office supplies ($81), anddinner with clients ($124). Use the given information and the rule that minimum payments are rounded up to the nearest dollar to answer parts a and b below.a. Assuming the card holder had no new interest, determine his minimum payment due on December 1, his billing date.The card holder's minimum payment due on December 1 is $.(...)

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Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A $10,000 partial payment is made on a $35,621.06 invoice. The cash discount terms on the invoice are 6/20, n/45. If the partial payment is acceptable within the discount period, what is the remaining balance due on the invoice?
On September 26, 2010, Caitlin received $2,250 from her father. She settled this amount on March 6, 2011 with interest of $146.81. No written response required. a. What was the time period of the loan, expressed in days (rounded up to the next day)? 170 161 150 179 b. What was the annual rate of simple interest charged for this loan? 1.48% 0.41% 4.86% 14.79%
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 th nearest cent.) tA Balance: $400 Rate: 16% Payment: $50 Method: Adjusted balance
I need help please :)
You purchased a car on January 1, 2022 with a 10,000 dollar loan. Your loan carries an interest rate of 6% per year convertible monthly. You will pay 1150 per month starting February 1, 2022, plus an additional 2200 on August 1, 2022. The last payment will be a partial payment. Determine for how many months you will be making loan payments, including the last partial payment
calculate the discount period for the bank to wait to receive its money: (use days in a year table): Date of note: March 18th Length of note: 40 days Date note discounted: April 9th Discount period: ?? days??
A 90-day, $1200 promissory note was issued March 31 with interest at 7%. What is the value of the note at time of maturity? $1221.40 $1579.89 $1572.05 $1220.71 $1234.98
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Maroon Company received an invoice for $166,500 dated November 4, 2011 with payment terms 6/3, 3/20, n/45 for a truck-load of goods. Calculate the amount required to settle the invoice on the following dates. a. November 6, 2011. Round to the nearest cent b. November 24, 2011. Round to the nearest cent c. December 19, 2011. Round to the nearest cent
In order to make some home improvements, a home owner spent $24000. He paid 18% as a down payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5% Determine the home owner's total finance charge and monthly payment. a. Total finance charge = $3074.40; Monthly payment = $752.07 b. Total finance charge = $1156.06; Monthly payment = $579.03 c. Total finance charge = $3381.02; Monthly payment = $640.58 d. Total finance charge = $1395.12; Monthly payment = $585.42

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