only HANDWRITTEN answer needed ( NOT TYPED) Previous Balance $834.74.Day101322252 Payment4AmazonMonthOctoberOctoberOctoberOctoberNovemberNovemberTransaction AmountBilling Date1.HyVee 97.13Walmart71.64Return. 56.2530.79136.7Given the credit card statement, assume one month between billing dates using the proper number of days in 1the month for the billing date.Find the Average Daily Balance:Find the finance charge if the interest is 1.5% per month on the average daily balance:

Credit Card provide credit facilities according to your paying capacity within specified days by…

Answered: Previous Balance $834.74 Day 10 13 22…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 2Q

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3. Calculate the average billing daily balance for each of the monthly statements for the following revolving credit accounte assume a 30-day billing cycle: Billing date Payment amount Charge date(s) Charge amount(s) Average daily balance Previous Payment date 332.03 balance 4/29 $56 $35 a. 4/10 b. 6/15 $329 4/25 $25 6/26 6/30 $573 6/25 $60 $72 $12.50 $108 c. 9/15 $335.50 9/20 $33.55 9/25 9/26 find the finance charge for each monthly statement (problem 3) if the annual percentage rate is 15%
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement in the popup. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $__?
7. Using the following table containing the dates of purchases and payments to determine the average daily balance of a credit card at the end of the billing cycle, assuming 30 days in the month (Round to the nearest cent). Days Purchase/Payment Dollar Amount Unpaid Balance Раyment $1,500 $120 3 $670 $375 $85 10 Purchase 22 Purchase 26 Payment
In credit terms of 2/10, n/30 the "2" represents the O A. Number of days in the discount period O B. Full amount of the invoice C. Number of days when the entire amount is due O D. Percent of the cash discount
Using the table, what is the average daily balance of the credit card for the November 1 - November 30 billing period? Round your answer to the nearest cent.Do not include a dollar sign or comma in your answer. For example, $5, 678.00 should be entered as 5678.00. Day Activity Adjustment Closing Balance 1 7500 11 Payment -500 7000 21 Payment -750 6250 30 Purchase +250 6500
Using the table, what is the average daily balance of the credit card for the July 1 - July 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 ----- ------ 8000 9 Payment −700 7300 19 Purchase +550 7850 27 Payment −600 7250
In the credit terms 1/10, n/30, what does the "1" represent? Group of answer choices number of days when the entire amount is due number of days in the discount period full amount of the invoice 1% cash discount if paid within the credit period
The credit card with the transaction described in the popup below uses the average daily balance method to calculate interest.The monthly interest rate is 1.5% of the average daily balance. A.The average daily balance for the billing period. B.Find the interest to be paid on july 1,the next billing date. C.Find the balance due on july 1.
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…
In the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount is due b. Full amount of the invoice c. Percent of the cash discount d. Number of days in the discount period
Using the table, what is the average daily balance of the credit card for the December 1 - December 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 -- -- 9,500 6 Purchase +500 10,000 16 Purchase +1,250 11,250 21 Purchase +3,000 14,250
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.)

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