De payment is made late in the billing cycle. credit card on May 12, their billing date, was $ and the following transactions. = Toys = Clothing Housewares at $129.79 $135.85 $37.63 $50.00 ance for the billing period, which ends on June calculated on June 11. The monthly periodic rat redit card balance on June 12?
De payment is made late in the billing cycle. credit card on May 12, their billing date, was $ and the following transactions. = Toys = Clothing Housewares at $129.79 $135.85 $37.63 $50.00 ance for the billing period, which ends on June calculated on June 11. The monthly periodic rat redit card balance on June 12?
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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Deon H REALLY matter when make my payment?
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$129.79
$135.85
$37.63
$50.00
EEEE EX
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Explore what happens when you make a payment to your credit card at a different time. You will
use the same information to do different problems: one where the payment is made early in the
billing cycle, the other when the payment is made late in the billing cycle.
2.) The balance on the Smith's credit card on May 12, their billing date, was $378.50. for the
period ending June 11, they had the following transactions.
May 13
Charge: Toys
June 1
Charge: Clothing
June 8
Charge: Housewares
June 9
Payment
5
c. What is the Smith's new credit card balance on June 12?
a.) Find the average daily balance for the billing period, which ends on June 11. May has 31
days.
b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%.
Does it matter when you make your payment?
Does it really matter when you make your purchases?
6
3. How much money was saved by making the payment earlier in the billing cycle?
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