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Kathy Hansen has a revolv 278

Kathy Hansen has a revolv 278

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Previous Finance Purchases New Balance Payments and Credits Month's Month Charge (in $) and Cash End of Month Balance Advances (in $) (in $) April $649.17 $14.61 $34.45 $95.00 $603.23 May $284.33 $145.00 DETAILS BRECMBC9 13.1.014. MY NOTES ASK YOUR TEACHER 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 $20.00 October 25 Purchase $124.60 average daily balance = S %24
Transcribed Image Text:Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Previous Finance Purchases New Balance Payments and Credits Month's Month Charge (in $) and Cash End of Month Balance Advances (in $) (in $) April $649.17 $14.61 $34.45 $95.00 $603.23 May $284.33 $145.00 DETAILS BRECMBC9 13.1.014. MY NOTES ASK YOUR TEACHER 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 $20.00 October 25 Purchase $124.60 average daily balance = S %24
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