On February 2, the billing date, Carol Ann had a balance due of $129.95 on her credit card. Her bank charges an interest rate of 1.25% per month. She made the transactions described in the table during the month. Feb. 9 Feb. 12 Feb. 20 Feb. 25 a) Determine the finance charge on March 2, using the previous balance method. Charge: Art supplies Payment Charge: Flowers delivered Charge: Music CD $25.37 $100.00 $66.26 $11.99 b) Determine the new balance on March 2. a) The finance charge on March 2 is $ (Round to the nearest cent as needed.) b) The new balance due on March 2 is $ (Round to the nearest cent as needed.)
On February 2, the billing date, Carol Ann had a balance due of $129.95 on her credit card. Her bank charges an interest rate of 1.25% per month. She made the transactions described in the table during the month. Feb. 9 Feb. 12 Feb. 20 Feb. 25 a) Determine the finance charge on March 2, using the previous balance method. Charge: Art supplies Payment Charge: Flowers delivered Charge: Music CD $25.37 $100.00 $66.26 $11.99 b) Determine the new balance on March 2. a) The finance charge on March 2 is $ (Round to the nearest cent as needed.) b) The new balance due on March 2 is $ (Round to the nearest cent as needed.)
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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Transcribed Image Text:On February 2, the billing date, Carol Ann had a balance due of
$129.95 on her credit card. Her bank charges an interest rate of
1.25% per month. She made the transactions described in the
table during the month.
Feb. 9
Feb. 12
Feb. 20
Feb. 25
a) Determine the finance charge on March 2, using the previous balance method.
Charge: Art supplies
Payment
Charge: Flowers delivered
Charge: Music CD
$25.37
$100.00
$66.26
$11.99
b) Determine the new balance on March 2.
a) The finance charge on March 2 is $
(Round to the nearest cent as needed.)
b) The new balance due on March 2 is $
(Round to the nearest cent as needed.)
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