Here is Miguel's credit card statement for the month of November. Transaction Date Transaction amount November 1 Beginning balance $1550.20 November 16 Purchase $200.50 November 23 Payment $472.00 November 25 Purchase $540.53 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Unpaid Number balance of days Transaction Unpaid Aa Date Transaction Number of days at that balance amount balance Beginning 15 days (from November 1 through November 1 $1550.20 $1550.20 $23,253.00 balance November 15) O days (from November 16 November 16 Purchase $200.50 $1750.70 through November 22) 2 days (from November 23 through November 24) November 23 Payment $472.00 6 days (from November 25 through November 25 Purchase $540.53 November 30) Total: 30 days Total: $I ? (b) Find the average daily balance. Write your answer to the nearest cent. (c) Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for November found in part (b). How much interest will be charged? Wri your answer to the nearest cent. (d) What will Miguel's beginning balance be for the month of December (including the interest for November found in part (c))? ?
Here is Miguel's credit card statement for the month of November. Transaction Date Transaction amount November 1 Beginning balance $1550.20 November 16 Purchase $200.50 November 23 Payment $472.00 November 25 Purchase $540.53 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Unpaid Number balance of days Transaction Unpaid Aa Date Transaction Number of days at that balance amount balance Beginning 15 days (from November 1 through November 1 $1550.20 $1550.20 $23,253.00 balance November 15) O days (from November 16 November 16 Purchase $200.50 $1750.70 through November 22) 2 days (from November 23 through November 24) November 23 Payment $472.00 6 days (from November 25 through November 25 Purchase $540.53 November 30) Total: 30 days Total: $I ? (b) Find the average daily balance. Write your answer to the nearest cent. (c) Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for November found in part (b). How much interest will be charged? Wri your answer to the nearest cent. (d) What will Miguel's beginning balance be for the month of December (including the interest for November found in part (c))? ?
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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Transcribed Image Text:Español
Here is Miguel's credit card statement for the month of November.
Transaction
Date
Transaction
amount
November 1
Beginning balance
$1550.20
November 16 Purchase
$200.50
November 23 Payment
$472.00
November 25 Purchase
$540.53
(a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase
increases the unpaid balance, and a payment decreases the unpaid balance.
Unpaid Number
balance of days
Transaction
Unpaid
balance
Date
Transaction
Number of days at that balance
amount
Beginning
$1550.20 $1550.20
15 days (from November 1 through
$23,253.00
November 1
balance
November 15)
O days (from November 16
through November 22)
2 days (from November 23 through
November 16 Purchase
$200.50 $1750.70
November 23 Payment
$472.00
November 24)
6 days (from November 25 through
November 25 Purchase
$540.53
November 30)
Total: 30 days
Total: $I
?
(b) Find the average daily balance. Write your answer to the nearest cent.
(c) Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for November
found in part (b). How much interest will be charged? Write your answer to the nearest cent.
(d) What will Miguel's beginning balance be for the month of December (including the interest for November found
in part (c))?
?
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