Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance.   30-day billing cycle 9/2 Billing date $ 1,070 previous balance 9/7 Payment $ 260 cr. 9/13 Charge: Kohl’s $ 450   9/17 Payment $ 280 cr. 9/28 Charge: WalMart   95     Average daily balance Finance charge New balance

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: The average daily balance takes into account the invested or due sum at the end of each day of the…

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

Q: Dallas Pierce's most recent credit card statement follows. Her finance charge is 18% APR. Calculate…

A: The annual rate that is earned from the investment or charged for a borrowing is an annual…

Q: A credit card has a monthly rate of 2.20% and uses the average daily balance method for calculatin…

A: Given that: Credit card monthly rate = 2.20% Unpaid balance = $418.44 Payment received = $180…

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 15% APR. Calculate…

A: Finance Charge:- It is a form of compensation to the lenders for providing funds or extending credit…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Finance Charges is Calculated on Opening Value of Payable amount.  = Opening Balance of March * Rate…

Q: Fill in the chart below using the information for Credit Card Finance. Mike starts with $1299.99…

A: APR is Annual Percentage Rate  it is expressed as interest rate.  and  charged to borrowers and paid…

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: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: Variables in the question:Previous month's balance =$110DateActivityAmountOctober 3Cash…

Q: K For the credit card account, assume one month between billing dates (with the appropriate number…

A: The average daily balance is to be calculated by taking the sum of the multiples of the balance…

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

A: In adjusted balance methods, payments made on transactions will be deducted from balance.Adjusted…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: A credit card is a payment card that allows a cardholder to borrow money from a financial…

Q: You have a credit card with an APR of 22.8%. You begin with a balance of $1000, in response to which…

A: Finance charge Any fees that represent the credit cost, or borrowing cost. It is an interest accrued…

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: Average daily balance = sum of balance at the end of each dayno of days in billing cycle

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A: To calculate the finance charge using the unpaid balance method, follow these steps:Identify the…

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: Credit cards are personal debt financing that is provided to customers by financial institutions. It…

Q: Calculate the finance charge for a credit card that has been given an average daily balance and…

A: One technique a credit card issuer uses to determine the finance charges or interest on your card is…

Q: Using the unpaid balance method find the current month's finance charge on a credit card account…

A: Finance Charge refers to the extra amount which is paid on the principal while the instalment of…

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

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

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Previous Month's Balance = $646.17 Finance = $14.54 Purchases and Cash Advances = $32.45 Payments…

Q: please step by step solution.

A: To find the current month's finance charge using the unpaid balance method, follow these steps: Step…

Q: You have a revolving credit account at an annual percentage rate of 18%. Use the average daily…

A: Answer is Option B =$151.28

Q: Use average daily balance method to compute the charge on the credit card account for the previous…

A: Computation:

Q: Use the average daily balance method to compute the finance charge in the credit card account for…

A: A finance charge in a credit account refers to the cost of borrowing money or using credit. It is…

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: Credit cards refer to instruments used to raise debt capital for use where the money is used earlier…

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

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…

Q: Suppose the charge account of Black's Mailing Service at the local supply store had a 1.1% interest…

A: Credit refers to the amount that a person borrows which they repay along with interest at a future…

Q: You have a credit card with an APR of 22.8%. You begin with a balance of $1500, in response to which…

A: The interest on the credit card is charged monthly. The amount of payment reduces the outstanding…

Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: Average daily balance is calculated by multiplying the unpaid balance with the number of days then…

Q: The credit card with the itemized billing statement below uses the average daily balance method to…

A: Credit cards are offered by financial institutions to customers to purchase certain items out of…

Q: O $153.12 O $155.31 O $268.34 O $299.05

A: The average daily balance is a typical accounting technique for calculating interest charges that…

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.