**Kathy Hansen's Revolving Credit Account**Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate (APR) is 27%. Below is the account activity table that needs to be completed for Kathy. Please round your answers to the nearest cent.| Month | Previous Month's Balance (in $) | Finance Charge (in $) | Purchases and Cash Advances | Payments and Credits | New Balance End of Month (in $) ||-------|--------------------------------|-----------------------|-----------------------------|----------------------|---------------------------------|| April | $643.17 | $14.47 | $32.45 | $75.00 | $615.09 || May | $ | $ | $286.33 | $125.00 | $ |**Instructions**:1. Calculate the Finance Charge for May based on the APR of 27%.2. Update and complete the table for May's values. Ensure accuracy in calculations by considering the APR and the given data.

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 Month's Charge (in $) Payments and Credits Month and Cash Advances End of Month Balance (in $) (in $) April $643.17 $14.47 $32.45 $75.00 $615.09 May $4 $286.33 $125.00 $4

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 Month's Charge (in $) Payments and Credits Month and Cash Advances End of Month Balance (in $) (in $) April $643.17 $14.47 $32.45 $75.00 $615.09 May $4 $286.33 $125.00 $4

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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44. Subject :- Accounting
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