Republic Bank pays 3.25% interest, compounded monthly. (1) What is your average daily balance forMarch? (2) How much interest will you have earned if you have the following transactions? (Marchhas 31 days)DATEMarch 1March 9March 25ACCOUNTwithdraw $1,500deposit $800ACTIVITY BALANCEbeginning balance $3,500$2,000$2,800$3,610 average daily balance; $6.59 in interest$2,567.74 average daily balance; $7.09 in interest$3,816.13 average daily balance; $16.05 in interest$2,789.35 average daily balance; $5.76 in interest

The average daily balance is the average amount of money in a financial account over a specific…

Answered: Republic Bank pays 3.25% interest,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $3,000 balance, 15%, $60 payment (a) previous balance method $ 37.5 (b) adjusted balance method $ 36.75 (c) average daily balance method $ 13.54
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
K Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $230. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 23% on the account and that the billing date is April 1st The finance charge for the month of April is S (Round to the nearest cent as needed.) COLD Date April 5 April 6 April 10 April 12 Charged $145 for a coat Made payment of $146 Charged $28 for DVDs Charged $34 for groceries Transaction
March 6: A long-term note for $60,000 was taken out from the bank. The loan is for two years with an interest rate of 6% repayable at maturity. June 30: Book the interest for the first half of the year on the loan you took out on March 6. 30-Jun Interest Expense Interest Payable What is the interest expense and payable?
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10 month of december has 31 days
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $4000 balance, 16%, $2,500 payment (a) previous balance method(b) adjusted balance method (c) average daily balance method
Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Interest at Maturity Required 1 Required ZA First, complete the table below to calculate the interest expense at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Principal Rate(%) Time. Total interest Interest at Maturity $ Required 28 General Journal 183,000 6% 90/360
Average Daily Balance Interest Calculation IS The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: Days 1-3: Days 4-20: $200 ($50 purchase) Days 21-30: $50 $150 (initial balance) ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [ ? ] Round to the nearest hundredth. Enter mht©2003 - 2021 Aceļlus Corporation. All Rights Reserved.
Every month, $600 is deposited into an account earning 0.2% interest a month, compounded monthly. Round your answers to two decimal places. (a) How much is in the account right after the 6th deposit? Right before the 6th deposit? Balance right after the 6th deposit 3618.05 Balance right before the 6th deposit 3012.02 (b) How much is in the account right after the 12th deposit? Right before the 12th deposit? Balance right after the 12th deposit 7279.73 Balance right before the 12th deposit =$ 6666.40
You agree to make 36 deposits of $600 at the beginning of each month into a bank account. At the end of the 36th month, you will have $24,500 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning? 7.36% 8.04% 6.43% 7.45% 6.78%
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