F1 DElizabeth went on a fabulous vacation in May and racked up a lot of charges onher credit card. When it came time to pay her June credit card bill, she left abalance of $1180.00. Elizabeth's credit card billing cycle runs from the 19th ofeach month to the 18th of the next month, and her interest rate is 19.5%. Shestarted the billing cycle June 19-July 18 with a previous balance of $1180.00. Inaddition she made three purchases, with the dates and amounts shown in thetable to the right. On July 15 she made an online payment of $510.00 that wascredited to her balance the same day. Complete parts (a) through (c).DateAmount ofpurchase/payment6/21$182.786/30$40.00$94.427/57/15 Payment $510.00(a) Find the average daily balance on the credit card account for the billing cycle June 19-July 18.The average daily balance for the billing cycle is $(Round to the nearest cent as needed.)

Step 1: From the question, we have the outstanding balance of June month and the current billing…

Answered: D Elizabeth went on a fabulous vacation…

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

See similar textbooks

Similar questions

Last month the average daily balance on Caitlins credit card was $1854.85 that there were 28 days in that month and her annual interest rate was 17.3% what is the amount of interest that she will pay on her credit card that month
Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest rate on that credit card is 18.36%. The minimum payment on that card is the interest charge ( 365 n) plus 3% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $2,834.4, 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
Ja’Mila makes a $350 purchase with her new credit card. The card has a 21% annual interest rate and $35.00 minimum payment due on the 10th of every month. Given that her starting balance is $350, if she pays the minimum payment by October 5th, what amount, to the nearest cent, is applied to interest? $ What amount, to the nearest cent, is applied to the principal? $
Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day billing cycle. The current balance is x and the APR is 24%. Rebecca is buying a friend an expensive gift that costs $1,400 that she plans to put on her credit card. This will be her only purchase this month. She will bemaking this purchase on the last day of the month. Part A if her finance charge will be $51 write and solve an equation to determine her current balance on her credit card show your work. Part B How much in finance charges can she save by making the purchase on the last day of the billing versus the first day of billing? Explain
Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card. She paid the previous month's statement balance in full. The card carries a finance charge rate of 16%. What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?
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
Jerrod Dean starts the month with a balance on his credit card of $1,060. On the 10th day of the month, he purchases $220 in clothes with his credit card. On the 15th day of the month he makes a payment on his credit card of $350. The bank charges 1.5 percent interest per month using the adjusted balance method (and excludes new purchases). What would Jerrod's finance charges be for the month? Multiple Choice $11.34 $15.90 $19.20 $13.26 $10.65
Last month, Kaitlin's average daily balance on her credit card was $1,363.16. The annual interest rate on that credit card is 17.5%. The minimum payment on that card is the interest charge (in the image) plus 3.5% of the ending balance or $25, which ever is larger. If there were 29 days in that month and the ending balance was $1,833.73, what would be the minimum payment that Kaitlin could make? Round your answer to the nearest penny.
Last month, Kaitlin's average daily balance on her credit card was $1,356.44. The annual interest rate on that credit card is 18.19%. The minimum payment on that card is the interest charge ( | = B. •n) plus 2% of the ending balance or $25, which ever is larger. If there were 30 days in 365 that month and the ending balance was $1,681.57, what would be the minimum payment she made 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: 89.65
Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the loan was September 7. Jennifer hoped to repay the loan on January 15. How much will Jennifer pay on January 15 if she pays off the loan on that date?
Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest charges, which are 1.8% per month on the unpaid balance. Find the interest charges if she moves the debt to a credit card charging 0.7% per month on the unpaid balance. What are the interest charges at 1.8% a month? What are the interest charges at 0.7% a month? What are the savings that using the 0.7% card brings over the 1.8% card?
Flower opened a credit card account. During the first month she purchased new cloths that totaled $1,550.00 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 3.0% of the remaining balance. If Flow only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of her original purchases?

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS