mith's credit card on May 12, their billing date, was $378. ey had the following transactions. arge: Toys $129.79 yment $50.00 arge: Clothing $135.85 arge: Housewares $37.63 I balance for the billing period, which ends on June 11. Ma arge calculated on June 11. The monthly periodic rate is 1.3 w credit card balance on June 12?
mith's credit card on May 12, their billing date, was $378. ey had the following transactions. arge: Toys $129.79 yment $50.00 arge: Clothing $135.85 arge: Housewares $37.63 I balance for the billing period, which ends on June 11. Ma arge calculated on June 11. The monthly periodic rate is 1.3 w credit card balance on June 12?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
this is for financial mathematics :) thank you for your help!
Transcribed Image Text:Google Docs
Project D
ert Format Tools Extensions Help
0% ▾ Normal text
+
ment will
=
5
Times ...
1
May 15
June 1
June 8
12
+
²
Explore what happens when you make a payment to your credit card at a different time. You will
use the same information to do different problems: one where the payment is made early in the
billing cycle, the other when the payment is made late in the billing cycle.
6
1.) The balance on the Smith's credit card on May 12, their billing date, was $378.50. for the
period ending June 11, they had the following transactions.
May 13
Charge: Toys
$129.79
Payment
$50.00
Charge: Clothing
$135.85
Charge: Housewares $37.63
y
B I UA 6 ©
a.) Find the average daily balance for the billing period, which ends on June 11. May has 31
days.
c. What is the Smith's new credit card balance on June 12?
b. What is the finance charge calculated on June 11. The monthly periodic rate is 1.3%.
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