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

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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
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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 $1,356.44. 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?
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On October 24, you plan to purchase a$1500 computer by using one of your two credit cards. The Silver Card charges 18% interest and calculates interest based on the balance on the first day of the previous month. The Gold Card charges 18% interest and calculates interest based on the average daily balance. Both cards have a s0 balance as of October 1. The closing date is the end of the month for each card. Your plan is te make a 00 payment in November, make a500 payment in December, and pay off the remaining balance in January, All your payments will be received and posted en the 1oth of each month. No other tharges will be made on the acount. (Round your answers to the nearest cent.) (a) Based on this information, calculate the interest (in s) charged by each card for this purchase Silver Card Gold Card (b) Which card is the better deal and by how much (in $)7 The Goid Card s the better deal by s49 02
Which one?

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