For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.2% 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: $743.26July 8Billing DateJuly 15PaymentJuly 26LunchAugust 5 Concert tickets$300$45.35$87.57(a) The average daily balance is $(Round to the nearest cent as needed.)

- From July 8 to July 15 (Billing Date): 7 days- From July 15 to July 26 (Payment): 11 days- From…

Answered: For the credit card account, assume one…

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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For the credit card account, assume one month between billing dates (with the appropriate nmber of days) and interest of 1.5% per month on the average daly balance Find (a) the average dally balance (b) ehe monthly fitance charge and (c) the account balance for the next billing Previoun Balance $754 56 July 8 July 16 July 25 August 5 Concert tickets Bling Date Paynent Lunch $300 $32 30 (a) The average daly balance is (Round to the tearest cent as needed) (b) The france charge is Round ta the nearest cont as neuded) t The account balance for the net biing is (Round to nearet.cent as neaded)
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 the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $775.30 July 7 Billing Date July 19 Payment July 25 Lunch August 5 Concert tickets $300 $34.59 $89.82 (a) The average daily balance 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 1.5 % per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $449.12 January 10 Billing Date January 12 Returns $102.72 January 21 Clothes $117.41 January 25 Bus tickets $76.64 February 2 Payment $135 February 8 Flowers $56.23 (a) The average daily balance is $
K For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.26 January 12 Billing Date January 14 Returns January 21 Clothes January 25 Bus tickets February 3 Payment February 8 Flowers $105.64 $122.68 $63.87 $125 $56.36 ...
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month on the average daily balance Find (a) the average daily balance. (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $455.28 January 12 Billing Date January 15 Returns January 21 Clothes January 25 Bus tickets February 4 Payment February 7 Flowers $102.86 $117.89 $89.76 $125 $66.36
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 the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $775.64 July 8 July 15 July 27 August 2 Concert tickets Billing Date Payment Lunch $200 $43.82 $85.87 (a) The average daily balance is S. (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% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $754.46 July 8 Billing Date Payment July 15 July 25 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.) (c) The account balance for the next billing is $. (Round to the nearest cent as needed.)
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
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 the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.30 January 12 Billing Date January 16 Returns January 21 Clothes January 26 Bus tickets February 4 Payment February 7 Flowers $102.74 $113.66 $69.74 $105 $67.29 (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.) Enter your answer in each of the answer boxes. fg f10 insert prt sc f5 f6 fg esc & backspace 2 3 7 00 T 5 %24
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.1%. The itemized billing for the month of August is shown below. Detail Date Amount Unpaid balance August 1 $395 Charge August 9 $1040 Charge August 10 $800 Charge August 18 $1115 Payment received August 25 $710 Last day of billing period August 31 Payment due date September 7 (a) Find the average daily balance. $(b) Find the interest due for this month. $(c) Find the total balance owed on the last day of the billing period. $(d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
13. For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $449.50 January 13 Billing Date January 15 Returns January 22 Clothes January 27 Bus tickets February 2 Payment February 6 Flowers $105.58 $122.54 $77.74 $120 $65.22 (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.) C O a IS ry ry av to
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $122.60

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