Solve the problem.On the September 1 billing date, Martin had a balance due of $984.01 on his credit card. The transactions during the following monthwere:September 3 PaymentSeptember 9 Charge: airline ticket $522.16September 22 Charge shoesSeptember 29 Charge: garden tiller SI62.55The interest rate on the card is 1.1% per month. Using the average daily balance method, find the finance charge on October 1 (Septemberhas 30 days).S93.09S80.63

Companies charges the interest on credit card based on average daily balance during the month that…

olve the problem. On the September 1 billing date. Martin had a balance due of $984.01 on his credit card. The transactions during the following were: September 3 Payment September 9 Oharge: airline ticket S522.16 September 22 Charge shoes September 29 Charge garden tiller SI82.55 The interest rate on the card is 1.1% per month. Using the average daily balance method, find the finance charge on October 1 has 30 days). 58063

olve the problem. On the September 1 billing date. Martin had a balance due of $984.01 on his credit card. The transactions during the following were: September 3 Payment September 9 Oharge: airline ticket S522.16 September 22 Charge shoes September 29 Charge garden tiller SI82.55 The interest rate on the card is 1.1% per month. Using the average daily balance method, find the finance charge on October 1 has 30 days). 58063

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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Solve the problem. On the January 25 billing date, Vivian had a balance due of $387.19 on her credit card. The transactions during the following month were: January 26 Charge: curtaine $356 January 27 Payment $134.94 $204.30 February 16 Charge tires The interest rate on the card is 1.3% per month. Using the average daily balance method, find the finance charge on February 25 (January has 31 days). $9.02 $8.96 $2.59 $9.08 00
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Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average dally balance. Finally, find the new balance. Previous Balance: $556.32 Billing date: July 9 July 15, Return, $114.45 July 17, Purchase, $98.12 July 25, Purchase, $76.12 August 7, Payment, $110 What is the average daily balance? What is the finance charge? What is the new balance?
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please circle the answers so i can figure out how you got it
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