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 tablefor Kathy. (Round your answers to the nearest cent.)MonthJuneJulyNeed Help?PreviousMonth'sBalance(in $)$693.96Submit Answer$822.08Read IttAFinanceCharge(in $)$18.50XPurchasesand CashAdvances$153.38$76.59Paymentsand Credits$300.00$120.00New BalanceEnd of Month(in $)$693.96X

Finance charges are described as the cost of borrowings or the cost of funds. Thus, it is the…

Answered: Kathy Hansen has a revolving credit…

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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Credit card bills Assume you open a credit card at the beginning of the year January 1 with an open in balance of zero the annual interest rate on the card is 18% and your bill is due each month starting in January the following charges and credits occur on your account : Jan 5 -$ 45 gas charge Jan 9 - $115 clothes charge Jan 13 - groceries charge $85 Jan 14 - clothes CREDIT (return) $65 Jan 18 - lunch charge $11 Jan 25-$32 gas charge Jan 27- $127 boots charge Jan 29- $200 payment or credit feb 2- $38 gas charge feb 6- $58 groceries charge feb 9- $199 car insurance charge feb 14- $75 credit or payment feb 17- $28 gas charge feb 22 - $6 lunch charge feb 23- $35 dinner and movie charge feb 26- $78 groceries charge feb 28- $150 payment or credit Compare what your finance charge will be for the month of March using the average daily balance method in the unpaid balance method assume the year is not a leap year also assume the only things you charged and paid our listed…
Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement. Interest Charged Interest Charge on Purchases $6.40 Interest Charge on Cash Advances $4.65 TOTAL INTEREST FOR THIS MONTH $11.05 Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement. Round your answers to the nearest cent. Annual Percentage Balances Subject to Type of Balance Rate (APR) Interest Rate Interest Charge Purchases 15.14% (V) $513.39 $ Cash Advances 22.43% (V) $252.98 $ Balance Transfers 0.00% $637.50 $ Penalty APR 28.99% $ 0.00 $
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $641.17 $11.22 $31.45 $85.00 $598.84 May $283.33 $135.00
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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 21%. Complete the account activity table for Kathy. Previous Month Month's Balance March $640.00 $ Need Help? Read It Submit Answer Finance Charge (in $) Purchases and Cash Advances Payments and Credits $126.97 $75.00 New Balance End of Month (in $)
Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, annual interest rate, and any other transactions are given below. last month's balance $530 payment $320 interest rate 17.8%bought dog $190 bought pet supplies $90 paid vet bill $70 what is the finance charge
Candida has a revolving credit account at an annual percentage rate of 24%. Her previous monthly balance is $529.79. Find the new balance using the previous month's balance method if Candida's account showed the following activity. Payment $143.30 Country Lumber (charge) $230.18 Zahir Antiques (credit) $358.05 Mountain Vineyards (charge) $204.94 Bart's Garage (charge) $294.21 $499.39 $549.39 $657.37 $768.37
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. Previous Month Month's Balance March $680.00 $ Finance Charge (in $) Purchases and Cash Advances $126.97 Payments and Credits $75.00 New Balance End of Month (in $) $
LATION Saved V Mailings Review View Help Grammarly lity: Investigate O Search (Alt+Q) The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: I Days 1-5: $200 (initial balance) Days 6-20: $350 ($150 purchase) Days 21-30: $150 ($200 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth. DELL Enter
K On April 1, Hilda made a $2680 deposit to open a savings account paying 3% compounded daily. She then deposited $200 on May 2 and $630 on May 25. Find the balance on June 30 and the interes earned through that date. Click here to view the 3.5% compound interest table. Click here to view the 3.5% compound interest by quarters table View On June 30, what is the balance in the account? S (Round to the nearest cunt as needed.) - X 3.5% Interest Compounded Daily by Quarter Table 1 Interest by Quarter for 3 % Compounded Daily Assuming 90-day Quarters Number of Quarters. Value of (1+i) 1.008667067 1.017409251 1.026227205 1.035121505 3.5% Interest Compounded Daily Table Number R 1 2 3 4 5 6 7 8 9 10 11 12 13 Values of (1+1) for 3% Compounded Daily Valec of Value of 1.000095890 19 35 (1+1) It (1+i) A 1001823491 37 1.003554076 38 1003650307 56 1003746548 57 1000191790 20 1001919556 1.000287699 21 100201 5631 1.000383617 22 1.002111714 1003842797 1000479544 23 1002207807 41 1003939056 59…
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.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $643.17 $14.47 $32.45 $95.00 $595.09 May $ $ $283.33 $125.00 $

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