On April 5, Jessica had a balance due on her credit card of $927.85. From April 5 through May 4, Jessica charged an additional $335.66 and made a payment of $700. Find her new balance due on May 5 assuming the previous balance method is used and the interest rate is 1.8% per month. O A. $580.21 O B. $1305.79 O C. $227.85 O D. $16.70
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- 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…The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is carrying a balance of $458 from the previous billing cycle. During the current billing period, the following transactionsoccurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the finance charge. Post date Description AmountSept 18 Payment $35.00Sept 26 Purchase $125Oct 3 Purchase $84 Date Range1. 2)Sarah began her credit card billing cycle with a zero balance, and her billing date is March 20. She made a $4600 purchase with her card on March 21. She receives her bill on March 24 with a due date of April 15. Her card has an 18 percent APR and a grace period. How much interest will she owe if the entire balance is paid by May 15? a. $52.08 b. $28.75 c. $0 d. $57.50show calculations please
- Nancy is reviewing her November credit card statement. Her beginning balance was $605 and she made a $175 payment on November 10. She made purchases of $100 on November 5, $120 on Novemeber 15, and $45 on November 30. Her APR is 14% and the interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit. Answer parts 1 through 5. 1. Find the unpaid balance on November 30 before interest is charged. The unpaid balance before interest is $10. Elly's credit card record for the last 7 months is below. Based on the information from the table, what will be her new balance at the end of month 7? End of Month Previous New Payment Finance Principal New Balance Charges Received Charges Paid Balance 1 $0.00 $2200.00 $0.00 $0.00 $0.00 $2200.00 5 6 234567 2 $2200.00 $0.00 $44.00 $33.00 $11.00 $2189.00 $2189.00 $0.00 $43.78 $32.84 $10.95 52178.06 4 $2178.06 $0.00 $43.56 $32.67 $10.89 $2167.16 $2167.16 $0.00 $43.34 $32.51 $10.84 $2156.33 $2156.33 $0.00 $43.13 $32.34 $10.78 $2145.55 $2145.55 $0.00 $42.91 $32.18 $10.73 $?1. Jim has a credit card with a credit limit of $9000.00. For each of the following monthly balance, calculate the minimum monthly payment. Minimum Balance Work/Reasoning Payment $8.50 $40.00 $550.00 $9120.00 $7862.95
- On the April 5 billing date, Michaelle Chappell had a balance due of $1145 54 on her credit card From April 5 through May 4, Michaelle charged an additional $408 76 and made a payment of $900 a) Find the finance charge on May 5, using the previous balance method Assume that the interest rate is 11% per month b) Find the new balance on May 5 CITE a) The finance charge on May 5 is (Round to the nearest cent as neededJennifer is charged interest of 19.99% per annum on her credit card. Dec-01 Jennifer withdrew $500 as a cash advance from her credit card. Jennifer received her credit card statement, showing a minimum balance owing of Dec-31 $10, due by January 12 Jan-12 Jennifer paid the minimum balance of $10 Feb-12 Jennifer paid the minimum balance of $10 Mar-12 Jennifer paid the minimum balance of $10 Apr-01 Jennifer paid the full balance owing a) Compute the amount of interest charged during the month of December. 500* 19.99% * 31/365 = 8.48 Inrerest from 1st Jan to 11 Jan = 500 * 19.99% * 11/365 = 3.01 Total Interest till 12 Jan (8.48 +3.01) = 11.49 Net principal paid (11.49 - 10) = 1.49 7 b) What is the balance owing at the end of January? _8 BEGINNING BALANCE (500-1.4)* 19.99% * (31-11)/365 19 LESS DEPOSIT 20 RATE 21 T= 22 INEREST 23 BALANCE 24 25 c) What is the balance owing at the end of February? 26 LESS DEPOSIT 27 RATE 28 T= 29 INEREST 30 BALANCE 31 d) What is the balance owing at the end…Answer the questions based on the credit card statement attached. 1. What is the finance charge for the current billing period? 2. How much is the annual interest rate of his unpaid balance is over $500?Answer in: amount% For example 13% 3. How much is the annual percentage rate if he unpaid balance is less than $500? Example: 13% 4. What is the minimum payment due? 5. What is the total amount charged for purchases made during the previous month? 6. How much credit does Joan Berelli still have available? You must calculate this as it isn't given on the credit card statement. 7. What is the new balance?
- Jim Garcia's monthly credit card statement has a previous balance of $405.67. It shows Jim's $300.00 payment. This month's new purchases were $12.50 and $142.32. The account posted a $45.90 credit and the finance charge was $7.65. What is the new balance?Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amountOn May 1, the billing date, Kayla had a balance due of $673.64 on her credit card. In May, Kayla made a purchase of$264.03 on May 6, made a payment of$100 on May 22, and made another payment of$300 on May 28. Determine her finance charge on June 1 using the previous balance method. Assume that the interest rate is 3.15% per month. Then determine Kayla’s new balance on June 1.
