Please give a proper explanation. Solve the problem.On the January 25 billing date, Vivian had a balance due of $387.19 on her credit card. The transactions during the followingmonth were:Jamary 26 Charge curtaine S386Jaraary 27 PaymentFebruary 16 Charge tiresThe interest rate on the card is 1.3% per month. Using the average daily balance method, find the finance charge on February25 January has 31 days).S13494$20430$9.02O $8.96$2.59$9.08

Answered: Image /qna-images/answer/48453e70-5957-47de-a5ec-459749e0352a.jpg

Solve the problem. On the January 25 billing date, Vivian had a balance due of $387.19 on her credit card. The transactions during the following month were: Jamuary 26 Charge:curtaine S86 Jamaary 27 Pavment February 16 Charge tires The interest rate on the card is 1.3% per month. Using the average daily balance method, find the finance charge on February 25 (January has 31 days). $13494 $20430 O $9.02 $8.96 O $2.59 $9.08

Solve the problem. On the January 25 billing date, Vivian had a balance due of $387.19 on her credit card. The transactions during the following month were: Jamuary 26 Charge:curtaine S86 Jamaary 27 Pavment February 16 Charge tires The interest rate on the card is 1.3% per month. Using the average daily balance method, find the finance charge on February 25 (January has 31 days). $13494 $20430 O $9.02 $8.96 O $2.59 $9.08

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Solve the problem. On the January 25 billing date, Vivian had a balance due of $387.19 on her credit card. The transactions during the following month were: January 26 Charge: curtaine $356 January 27 Payment $134.94 $204.30 February 16 Charge tires The interest rate on the card is 1.3% per month. Using the average daily balance method, find the finance charge on February 25 (January has 31 days). $9.02 $8.96 $2.59 $9.08 00
Show work.
1. 2)Sarah began her credit card billing cycle with a zero balance, and her billing date is March 20. She made a $4600 purchase with her card on March 21. She receives her bill on March 24 with a due date of April 15. Her card has an 18 percent APR and a grace period. How much interest will she owe if the entire balance is paid by May 15? a. $52.08 b. $28.75 c. $0 d. $57.50show calculations please
Solve the problem. On the September 1 billing date, Martin had a balance due of $984.01 on his credit card. The transactions during the following month were: September 3 Payment September 9 Charge: airline ticket $522.16 September 22 Charge shoes September 29 Charge: garden tiller SI62.55 The interest rate on the card is 1.1% per month. Using the average daily balance method, find the finance charge on October 1 (September has 30 days). S93.09 S80.63
On February 33, the billing date, Carol Ann Bluesky had a balance due of $122.39122.39 on her credit card. Her bank charges an interest rate of 1.25% per month and uses the average daily balance method. She made the transactions described in the table during the month. Feb. 88 Charge: Art supplies $21.2721.27 Feb. 1212 Payment $90.0090.00 Feb. 2323 Charge: Flowers delivered $62.5462.54 Feb. 2525 Charge: Music CD $10.9210.92 a) Find Carol Ann's average daily balance for the billing period from February 33 to March 33. Assume it is not a leap year. b) Find the finance charge to be paid on March 33. c) Find the balance due on March 33. d) Compare the result obtained to those obtained using the previous balance method. Question content area bottom Part 1 a) The average daily balance for the billing period was $enter your response here. (Round to the nearest cent as needed.)
Answer the questions based on the credit card statement attached. 1. What is the finance charge for the current billing period? 2. How much is the annual interest rate of his unpaid balance is over $500?Answer in: amount% For example 13% 3. How much is the annual percentage rate if he unpaid balance is less than $500? Example: 13% 4. What is the minimum payment due? 5. What is the total amount charged for purchases made during the previous month? 6. How much credit does Joan Berelli still have available? You must calculate this as it isn't given on the credit card statement. 7. What is the new balance?
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. A. Find the interest to be paid on july 1, the next billing date. Round to the nearest cent. The interest to be paid on july 1 $__
Average Daily Balance. Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement, which appears as Figure 7-1 on page 204. Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement.
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 $__?
MN.3.
Hi! I needed help doing the homework question attached. Thank you!
Please answer fast I will rate for you sure....