For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on theaverage daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing.Previous Balance: $754.46July 8Billing DatePaymentJuly 15July 25LunchAugust 2 Concert tickets$300$53.79$76.67(a) The average daily balance is $.(Round to the nearest cent as needed.)(b) The finance charge is $.(Round to the nearest cent as needed.)(c) The account balance for the next billing is $.(Round to the nearest cent as needed.)

Credits cards are now days very common and used by every one and provide short term credit and…

For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the m Previous Balance: $754.46 July 8 Billing Date July 15 July 25 Payment Lunch August 2 Concert tickets $300 $53.79 $76.67 (a) The average daily balance is $. (Round to the nearest cent as needed.) (b) The finance charge is $. (Round to the nearest cent as needed.).

For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the m Previous Balance: $754.46 July 8 Billing Date July 15 July 25 Payment Lunch August 2 Concert tickets $300 $53.79 $76.67 (a) The average daily balance is $. (Round to the nearest cent as needed.) (b) The finance charge is $. (Round to the nearest cent as needed.).

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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The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $153.98, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $38.34 average daily balance $ finance charge $
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $200 balance, 17%, $50 payment (a) previous balance method$ (b) adjusted balance method$ (c) average daily balance method
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 12%. Complete the following account activity table for Kathy. Round your answers to the nearest cent. Previous Purchases New Balance Month's Finance and Cash Payments End of Month Balance Charge Advances and Credits Month May $540.00 $177.53 $585.00
Solve the problem. On the January 25 billing date, Vivian had a balance due of $387.19 on her credit card. The transactions during the following month were: January 26 Charge: curtaine $356 January 27 Payment $134.94 $204.30 February 16 Charge tires The interest rate on the card is 1.3% per month. Using the average daily balance method, find the finance charge on February 25 (January has 31 days). $9.02 $8.96 $2.59 $9.08 00
Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $200. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18% on the account and that the billing date is April 1st. ..... Date Transaction April 3 Charged $125 for a coat April 11 Made payment of $142 April 21 Charged $34 for DVDs April 28 Charged $25 for groceries The finance charge for the month of April is $enter your response here.
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $152.72, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $35.43 average daily balance $ finance charge $
Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 16% on the account and that the billing date is April 1st. The finance charge for the month of April is $ (Round to the nearest cent as needed) Date April 3 April 15 April 22 April 29 Charged $125 for a coat Made payment of $148 Charged $31 for DVDs Charged $32 for groceries Transaction
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