On August 10, a credit card account had a balance of $345. A purchase of $52 was made on August 15, and $161 was charged on August 27. A payment of $71 was made on August 15. The interest on the average daily balance is 1.35% per month. Find the finance charge on the September 10 bill. (Round your answer to two decimal places.

Q: K Use the average daily balance method to compute the finance charge on the credit card account for…

A: The objective of this question is to calculate the finance charge for the month of August using the…

Q: Find the average daily balance for the credit card with the following transactions. Assume one month…

A: Average daily balance refers to the method used for calculating the interest charges by the banks…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: The average daily balance method is the method wherein the finance charges are calculated on the…

Q: You have a credit card that charges an interest rate of 15.8% compounded monthly. The table below…

A: Average daily balance refers to the sum average of days and the amount in the credit card account.

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge is the charge which is paid by the borrower for borrowing the money from the…

Q: Use the unpaid balance method to find the finance charge on the credit card account for November…

A: The unpaid balance method, also known as the "previous balance method," begins with the previous…

Q: A business issued a 60-day note for $87,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration of goods, services, or cash.These…

Q: percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the r…

A: Finance Charge: It refers to the cost of borrowing like interest paid on debt.

Q: John Smith has a credit card that charges 12​% annual interest on the monthly average daily balance…

A: Accounts receivable is the amount that is raised when the goods are purchased by the customer on…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 16.8%. The unpaid balance for his…

A: Annual percentage rate = 16.8%  Unpaid balance of billing cycle = $1,406.25  Cost of printer…

Q: You get a credit card. The bill for $1024 was due on July 1. Purchases of $315 were made on July 7,…

A:

Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…

A: In credit cards, we can say that finance charges include interest and transaction fees charged on…

Q: Calculate the finance charge for a credit card that has been given an average daily balance and…

A: One technique a credit card issuer uses to determine the finance charges or interest on your card is…

Q: A credit card bill for $660 was due on July 1. Purchases of $375 were made on July 7, and $310 was…

A: Credit card issuing companies charges monthly interest on any unpaid balance. For computing the…

Q: Dy using Une of your two črédit cards. The Silver Card charges 18% interest and calculates interest…

A: For Silver card First Payment of 10 th November is $600 Balance   =$1800 - $600 = $1200 second…

Q: Credit Card Statement Transaction Description Previous balance, $2653.02 June 1 Billing date June 6…

A: When a person or a company needs money for the purpose of purchasing something, they can apply for a…

Q: A charge account had a balance of $979 on May 5. A purchase of $222 was made on May 17, and a…

A: From May 5 to May 17, the balance of account is $979 for 12 days.From May 17 to May 20 the balance…

Q: Find the​ Black's finance charge on April 1

A: Finance Charge is a charge on the amount lent. On lending an amount, an interest is charged on the…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his…

A: The finance charge is the cost of the unpaid balance. The balance of the credit card is adjusted for…

Q: Find the finance charge for a charge account with an average daily balance of $1213.58 and a monthly…

A: Finance Charge = Average Daily Balance x Monthly Interest rate

Q: A credit card has an average daily balance of ​$2,833.84 and the monthly periodic rate is 1.337​%.…

A: Finance Charges for the month  = Average Daily balance X Periodic Rate

Q: In John​ Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: The finance charge is the amount charged by using some fixed percentage on the borrowed amount by…

Q: A credit card has an average daily balance of $2,861.56 and the monthly periodic rate is 1.295%.…

A: Average Daily Balance of Credit Card = $2,861.56 Monthly Interest Rate = 1.295%

Q: A charge account had a balance of $945 on May 5. A purchase of $233 was made on May 17, and a…

A: Finance charges : The finance charge on this account would be calculated on the basis of average…

Q: Use the average daily method to find the finance charge on the credit card account for September…

A: Average daily balance is a method in which balance for each day is calculated. Sum of each day…

Q: Journalize the transactions. Assume 360 days for interest calculations and record two entries for…

A: In accounting, journalizing transactions involves recording financial events in a systematic way to…

Q: Use average daily balance method to compute the charge on the credit card account for the previous…

A: Computation:

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: The average daily balance is used in accounting to calculate the interest charges, Under this method…

Q: Use the unpaid balance method to find the finance charge on the credit card account for August. The…

A: Finance charge It is basically the interest charge on the unpaid balance. With unpaid balance (P),…

Q: An unpaid credit card bill for $656.95 had a due date of May 8.  Purchases of $365. were made on May…

A: The question is based on the concept of finance charge calculation for credit card based on the…

Q: uppose the charge account of​ Black's Mailing Service at the local supply store had a 1.5​%…

A: The costs of borrowing the money, comprising interests as well as other fees, is referred to as a…

Q: What is the finance charge, on the average daily balance, for this card over this 1 month period?

A: Finance Charge is the interest charged by credit card companies over an outstanding amount.  Average…

Q: A credit card bill for $559 was due on September 14. Purchases of $283 were made on September 19,…

A: To find the finance charge, we need to first calculate the average daily balance for the billing…

Q: The balance on Ramon Felipe's credit card on January 19, his billing date, was $313.13. For the…

A: Computation of total balance Period Transaction Transaction value No. of days Balance  Total…

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.