Please answer all subparts with explanation.I will really upvote.Thanks For the credit card account below, compute the average daily balance, the finance charge, and the accountbalance for the next billing. Assume the account is billed on the same date each month and that the annualinterest rate is 14.4 %. This credit card company calculates the finance charge on the average daily balance,1of a year instead of using the number of days in the month.but they consider each month12Previous Balance: $989November 20 Billing DateNovember 27 Returns$68November 28 Repairs$65December 3Flowers$91December 11 Payment$84December 17 Car Rental$79Average Daily Balance:Finance Charge:Account Balance for the Next Billing:

The credit cards are charged on the basis of average daily balance during the month and finance…

For the credit card account below, compute the average daily balance, the finance charge, anc palance for the next billing. Assume the account is billed on the same date each month and tha nterest rate is 14.4%. This credit card company calculates the finance charge on the average d put they consider each month of a year instead of using the number of days in the month. 12 Previous Balance: $989 November 20 Billing Date

For the credit card account below, compute the average daily balance, the finance charge, anc palance for the next billing. Assume the account is billed on the same date each month and tha nterest rate is 14.4%. This credit card company calculates the finance charge on the average d put they consider each month of a year instead of using the number of days in the month. 12 Previous Balance: $989 November 20 Billing Date

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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Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.9%. The itemized billing for the month of August is shown below The average daily balance has already been computed and is $2739.52. (a) Find the interest due for this month. $ (b) Find the total balance owed on the last day of the billing period. $ (c) 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? $
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average dally balance. Finally, find the new balance. Previous Balance: $556.32 Billing date: July 9 July 15, Return, $114.45 July 17, Purchase, $98.12 July 25, Purchase, $76.12 August 7, Payment, $110 What is the average daily balance? What is the finance charge? What is the new balance?
Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $290. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 21% on the account and that the billing date is August 1st. (see image for table.) The finance charge for the month of August is $___
Calculate the monthly finance charge for the credit card transaction. It takes 10 days for a payment to be received and recorded, and it's a 30 day month. Round to the nearest cent. $4000 balance, 16%, $2500 payment. what is the previous balance method, the adjusted balance method, and average daily balance method?
Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
calculate the monthly finance charge for the credit card transaction. Know that it takes 10 days for a payment to be received and recorded and that the month has 30 days . Round to the nearest cent. $4000 balance, 16%, $2500 payment what was the previous balance and the adjusted balance?
Solve this problem & give accurate answer
Kindly help me
Please need your help
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 answer to the nearest cent.) $475 balance, 16%, $425 payment; average daily balance method
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.6%. The itemized billing for the month of August is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date August 1 August 9 August 10 August 18 August 25 August 31 September 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. $ Amount 1085 125 1130 140 995 (c) Find the total balance owed on the last day of the billing period. $ 1,514.97 Or (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? $
You owe $1,032.56 on a credit card with an 11.25% APR. The minimum due is $150.00. What is the difference in the interest accrued if you pay the minimum amount due at the beginning of the month versus at the end of the month? Using the credit card information from above, you decide to pay $300.00 instead of $150.00 at the beginning of the month. How much do you save in interest by doubling the amount?

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