Cynthia Roberts has a credit card account at Harry's Hardware, which uses the unpaid-balance methodof computing finance charges. The periodic rate is 1.5 percent. Ms. Roberts's previous balance is$178.85, and she had payments and credits of $74.00. If she has new purchases of $98.74, what is hernew balance?O $305.39O $206.64O $205.16O $156.42

Previous balance = $178.85payments and credits = $74.00new purchases = $98.74periodic rate = 1.5%

Answered: Roberts has a credit card account at…

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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Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. The interest rate charged for the loan is 0.04386% per day. Travis repays the money plus the interest after 30 days. a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company?
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