i will be attaching the 1st question as asked but kindly answer the second question only. thanks! 1. On May 6, May Payment makes a purchase of $258.50 on her credit card. The purchase appears on her monthly statement issued May 18. May does not pay for the purchase by the due date indicated on her May statement. Her next monthly statement is issued on June 18. Calculate the interest she is charged for her purchase on her June statement. Assume her lending institution charges her an annual interest rate of 19.75%, and she has an interest-free period of 21 days. 2. If the new balance on a monthly credit card statement is $157.42, and if the minimum monthly payment corresponds to at least 5% of the ending balance or $10, whichever is greater, calculate the minimum monthly payment.
i will be attaching the 1st question as asked but kindly answer the second question only. thanks! 1. On May 6, May Payment makes a purchase of $258.50 on her credit card. The purchase appears on her monthly statement issued May 18. May does not pay for the purchase by the due date indicated on her May statement. Her next monthly statement is issued on June 18. Calculate the interest she is charged for her purchase on her June statement. Assume her lending institution charges her an annual interest rate of 19.75%, and she has an interest-free period of 21 days. 2. If the new balance on a monthly credit card statement is $157.42, and if the minimum monthly payment corresponds to at least 5% of the ending balance or $10, whichever is greater, calculate the minimum monthly payment.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i will be attaching the 1st question as asked but kindly answer the second question only. thanks!
1. On May 6, May Payment makes a purchase of $258.50 on her credit card. The purchase appears on her monthly statement issued May 18. May does not pay for the purchase by the due date indicated on her May statement. Her next monthly statement is issued on June 18. Calculate the interest she is charged for her purchase on her June statement. Assume her lending institution charges her an annual interest rate of 19.75%, and she has an interest-free period of 21 days.
2. If the new balance on a monthly credit card statement is $157.42, and if the minimum monthly payment corresponds to at least 5% of the ending balance or $10, whichever is greater, calculate the minimum monthly payment.
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