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March 1 March 3 March 10 March 21 March 29 Previous Balance Payment Purchases June 1 June 5 June 20 Payment Purchases $2316.65 $843.60 $355.40 $216.84 $251.99 Using the average daily balance method, Pablo's new balance on April 1 would be $1900.62. Mike's credit card statement showed these transactions during the month of June with interest rate 1.3%: $156.78 $302.11 $93.95 Previous Balance Purchases Payment Using the average daily balance method, Mike's new balance on July 1 would be $371.19. Tamera's credit card statement showed these transactions for the month of September with interest rate 1.8%: September 1 Previous Balance $50.40

March 1 March 3 March 10 March 21 March 29 Previous Balance Payment Purchases June 1 June 5 June 20 Payment Purchases $2316.65 $843.60 $355.40 $216.84 $251.99 Using the average daily balance method, Pablo's new balance on April 1 would be $1900.62. Mike's credit card statement showed these transactions during the month of June with interest rate 1.3%: $156.78 $302.11 $93.95 Previous Balance Purchases Payment Using the average daily balance method, Mike's new balance on July 1 would be $371.19. Tamera's credit card statement showed these transactions for the month of September with interest rate 1.8%: September 1 Previous Balance $50.40

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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MN.3.

 

Answer the following questions for each customer. Pablo's credit card statement showed these transactions during March, with interest rate 2.2%: March 1 March 3 March 10 March 21 March 29 June 1 June 5 June 20 Previous Balance Payment Purchases Using the average daily balance method, Pablo's new balance on April 1 would be $1900.62. Mike's credit card statement showed these transactions during the month of June with interest rate 1.3%: $156.78 $302.11 $93.95 Payment Purchases Part: 0 / 2 $2316.65 $843.60 $355.40 $216.84 $251.99 Previous Balance Purchases Payment Using the average daily balance method, Mike's new balance on July 1 would be $371.19. Tamera's credit card statement showed these transactions for the month of September with interest rate 1.8%: September 1 September 13 Part 1 of 2 Previous Balance Purchases September 17 Payment September 19 Purchases Using the average daily balance method, Tamera's new balance on October 1 would be $614.72. $50.40 $263.23 $85.09 $380.46 (a) For the credit cards, find the new balance on the first of the month following the given purchases if the credit card company uses the unpaid balance method, rather than the average daily balance method. Assume that the monthly interest rate remains the same. Round the answers to the nearest cent. For Pablo, the new balance due on April 1 is For Mike, the new balance due on July 1 is $ For Tamera, the new balance due on October 1 is $ X S
Transcribed Image Text:Answer the following questions for each customer. Pablo's credit card statement showed these transactions during March, with interest rate 2.2%: March 1 March 3 March 10 March 21 March 29 June 1 June 5 June 20 Previous Balance Payment Purchases Using the average daily balance method, Pablo's new balance on April 1 would be $1900.62. Mike's credit card statement showed these transactions during the month of June with interest rate 1.3%: $156.78 $302.11 $93.95 Payment Purchases Part: 0 / 2 $2316.65 $843.60 $355.40 $216.84 $251.99 Previous Balance Purchases Payment Using the average daily balance method, Mike's new balance on July 1 would be $371.19. Tamera's credit card statement showed these transactions for the month of September with interest rate 1.8%: September 1 September 13 Part 1 of 2 Previous Balance Purchases September 17 Payment September 19 Purchases Using the average daily balance method, Tamera's new balance on October 1 would be $614.72. $50.40 $263.23 $85.09 $380.46 (a) For the credit cards, find the new balance on the first of the month following the given purchases if the credit card company uses the unpaid balance method, rather than the average daily balance method. Assume that the monthly interest rate remains the same. Round the answers to the nearest cent. For Pablo, the new balance due on April 1 is For Mike, the new balance due on July 1 is $ For Tamera, the new balance due on October 1 is $ X S
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