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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 $129.79 $135.85 $37.63 $50.00 a.) Find the average daily balance for the billing period, which ends on June 11. May has 31 days. I b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%. c. What is the Smith's new credit card balance on June 12? I 3. How much money was saved by making the payment earlier in the billing cycle?

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 $129.79 $135.85 $37.63 $50.00 a.) Find the average daily balance for the billing period, which ends on June 11. May has 31 days. I b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%. c. What is the Smith's new credit card balance on June 12? I 3. How much money was saved by making the payment earlier in the billing cycle?

Essentials Of Investments
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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I figured out the first problem but the second one is giving me a hard time, please help thank you!!
Project Format Tools Extensions Help ent will Normal text C $ % 5 Times ... 50 1 12 + B 6 y D ĐI 7 2 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. Oll 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 June 8 June 9 $129.79 Charge: Clothing $135.85 Charge: Housewares $37.63 $50.00 Payment c. What is the Smith's new credit card balance on June 12? h I U A a.) Find the average daily balance for the billing period, which ends on June 11. May has 31 days. I b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%. 3. How much money was saved by making the payment earlier in the billing cycle? & 7 O U j 35 acer EX 8 O ( 9 A k * O E TE VEE : 5 ㅗㅗㅗㅗㅗㅗ ) kami O Ŷ P O
Transcribed Image Text:Project Format Tools Extensions Help ent will Normal text C $ % 5 Times ... 50 1 12 + B 6 y D ĐI 7 2 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. Oll 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 June 8 June 9 $129.79 Charge: Clothing $135.85 Charge: Housewares $37.63 $50.00 Payment c. What is the Smith's new credit card balance on June 12? h I U A a.) Find the average daily balance for the billing period, which ends on June 11. May has 31 days. I b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%. 3. How much money was saved by making the payment earlier in the billing cycle? & 7 O U j 35 acer EX 8 O ( 9 A k * O E TE VEE : 5 ㅗㅗㅗㅗㅗㅗ ) kami O Ŷ P O
Project A Format Tools Extensions Help ment will Normal text C $ % 5 Times... $512 June 1 June 8 g $6.66 t DE A 12 + $638.43 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. 1.) 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 $129.79 May 15 Payment $50.00 Charge: Clothing $135.85 Charge: Housewares $37.63 6 2 y B a.) Find the average daily balance for the billing period, which ends on June 11. May has 31 days. h c. What is the Smith's new credit card balance on June 12? & I b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%. 7 U O A U * acer 8 G i m 61 F k 4 O kami = = = EE I 7. ) O I Р O E 11 4 + backs
Transcribed Image Text:Project A Format Tools Extensions Help ment will Normal text C $ % 5 Times... $512 June 1 June 8 g $6.66 t DE A 12 + $638.43 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. 1.) 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 $129.79 May 15 Payment $50.00 Charge: Clothing $135.85 Charge: Housewares $37.63 6 2 y B a.) Find the average daily balance for the billing period, which ends on June 11. May has 31 days. h c. What is the Smith's new credit card balance on June 12? & I b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%. 7 U O A U * acer 8 G i m 61 F k 4 O kami = = = EE I 7. ) O I Р O E 11 4 + backs
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