On July 7, the billing date, Marvin Zug had a balance due of $265.72 on his credit card. His card charges an interest rate of 1.25% per month. The transactions he made are to the right. a) Find the finance charge on August 7, using the previous balance method. b) Find the new balance on August 7. a) The finance charge on August 7 is $475 (Round to the nearest cent as needed.) Marvin made the following transactions during the month July 15 Charge: $58.24 $48.36 $110.00 Office supplies July 17 Charge: Scarf July 22 Payment July 28 Charge: Toy truck $35.73

On July 7, the billing date, Marvin Zug had a balance due of $265.72 on his credit card. His card charges an interest rate of 1.25% per month. The transactions he made are to the right. a) Find the finance charge on August 7, using the previous balance method. b) Find the new balance on August 7. a) The finance charge on August 7 is $475 (Round to the nearest cent as needed.) Marvin made the following transactions during the month July 15 Charge: $58.24 $48.36 $110.00 Office supplies July 17 Charge: Scarf July 22 Payment July 28 Charge: Toy truck $35.73

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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On October 25, you plan to purchase a $1,500 computer by using one of your two credit cards. The Silver Card charges 18% interest and calculates interest based on the balance on the first day of the previous month. The Gold Card charges 18% interest and calculates interest based on the average daily balance. Both cards have a $0 balance as of October 1. The closing date is the end of the month for each card. Your plan is to make a $500 payment in November, make a $500 payment in December, and pay off the remaining balance in January. All your payments will be received and posted on the 10th of each month. No other charges will be made on the account. (Round your answers to the nearest cent.) (a) Based on this information, calculate the interest (in $) charged by each card for this purchase. Silver Card Gold Card $7 $ 7.6 X (b) Which card is the better deal and by how much (in $)? The ---Select--- is the better deal by $
Bryan's credit card has an a APR of 12% for purchases and 19% for cash advances. they use a daily periodic rate for purchases and cash advances there is a cash advance fee of 3% . in a 31 day billing cycle,Bryan's purchases balance that is subject to finance charges is $286.26 .in addition he took an advance of $500 during the billing cycle and must a finance charges on it is for 15 days . Bryan did not pay off his credit card, and the next month the purchase balance subject to finance charges was $622.86. What are the total finance charges for a 31 day billing cycle?
Which one?
2) Chris had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 25.2%. 8 days @ $223.25 6 days @ $779.00 6 days @ $2,290.50 10 days @ $1,311.25 a) What is the average daily balance? Round to the nearest cent. b) What is the finance charge? Round to the nearest cent.
A credit card had a previous balance of P 9 500 on June 10. A purchase of P 5 000 was made on June 15, and a payment of P 2 500 was made on June 23. Find the average daily balance, if the billing date is July 5 and the interest rate is 3.5% per month. Answer:
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?
Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $300. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 22% on the account and that the billing date is August 1st.
jeremy opened a CD (certificate of deposit) on April 3, 2018 with an interest rate of 4.65% compounded weekly. How much was initially deposited if Jeremy checks his account on December 5, 2018 and discovers the account balance is $3614? Round your answer to the nearest cent.
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% per month on the average daily balance Find (a) the average daily balance, (b) the monthly finance charge, and (e) the account balance for the next billing Previous Balance: $485.26 January 13 Billing Date January 15 Retums January 20 Clothes January 27 Bus Sickets February 2 Payment February 6 Flowers $105.09 $114.34 $76.83 $130 $64.41 (a) The average daily balance is (Round to the nearest cent as needed.) (b) The finance charge is (Round to the nearest cent as needed) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
John Smith has a credit card that charges 11% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 14 days his balance was $2,536.28. For 7 days the balance was $1,536.28. And for 8 days the balance was $1,807.15. Find the average daily balance. Find the amount of interest. The average daily balance is $ The amount of interest is $ (Round to the nearest cent as needed.) ...
John Smith has a credit card that charges 11% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 30 days. For 17 days his balance was $2,536.51. For 7 days the balance was $1,536.51. And for 6 days the balance was $1,895.33. Find the average daily balance. Find the amount of interest.

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