need help please Question:For the credit card account, assume one month between billing dates (with the appropriate number of days) and an interest of 1.4 % permonth on the average daily balance.Previous Balance: $762.69July 6 Payment Billing DateJuly 14 Payment $300.00July 29 Lunch $45.19August 5 Concert Tickets $89.54Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing.

Step 1: Introduction to the Credit CardA credit card refers to a card that is issued by a bank to…

Answered: Question: For the credit card account,…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 17P

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A) Find the average daily balance B) Find the monthly finance charge C) Find the account balance fot the next billing
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Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average dally balance. Finally, find the new balance. Previous Balance: $556.32 Billing date: July 9 July 15, Return, $114.45 July 17, Purchase, $98.12 July 25, Purchase, $76.12 August 7, Payment, $110 What is the average daily balance? What is the finance charge? What is the new balance?
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Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.9%. The itemized billing for the month of August is shown below The average daily balance has already been computed and is $2739.52. (a) Find the interest due for this month. $ (b) Find the total balance owed on the last day of the billing period. $ (c) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
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A particular credit card calculates interest using the unpaid balance method. The monthly interest rate is 1.57% on the unpaid balance on the first day of the billing period minus any payment. At the beginning of the month you owed $1352. You made a payment of $300. a) Find the interest I=prt (this time t is for one month)
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.6%. The itemized billing for the month of August is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date August 1 August 9 August 10 August 18 August 25 August 31 September 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. $ Amount 1085 125 1130 140 995 (c) Find the total balance owed on the last day of the billing period. $ 1,514.97 Or (d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
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