Suppose that the average daily balance on William's American Express Card is $382.2 for a 30-day billing cycle, the amount of the latest running balance on the card is $6941, and the bank charges 1.5% per month on the average daily balance. Determine each of the following. Round the amount to the nearest penny and express it in two decimal places. For example, 97.45, or 34.50, or 57.00. The finance charge for this billing cycle is $ The account balance on the next billing is $

Suppose that the average daily balance on William's American Express Card is $382.2 for a 30-day billing cycle, the amount of the latest running balance on the card is $6941, and the bank charges 1.5% per month on the average daily balance. Determine each of the following. Round the amount to the nearest penny and express it in two decimal places. For example, 97.45, or 34.50, or 57.00. The finance charge for this billing cycle is $ The account balance on the next billing is $

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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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 answer to the nearest cent.) Balance: $350 Rate: 18% Payment: $300 Method: Average daily balance
You can earn .53 percent per month at your bank. If you deposit $3,600, how long must you wait until your account has grown to $6,600? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Number of months
A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.53%, for 60 days. What is the effective interest rate? Round the nearest tenth of a percent. (Use the banker's rule.) The effective interest rate is%. (Round to the nearest tenth of a percent as needed.) ...
The local bank is currently offering a new investment product, where deposits earn interest according to the following scheme: A ● An interest rate of r is applied on the 15th day of each month. ● A bonus interest rate of t is applied on the 30th day of every odd month. (These are the months of January, March, May, July, September, and November.) 1. Suppose that you want to deposit an amount of I dollars into the account twice: on January 1 and August 1 in 2023. If you want the value of your investment to be S by April 30, 2024, express in terms of S, r, and t. (Note that r and t are not APRs.) 2. What is the effective annual rate of the above compounding scheme?
You can earn .53 percent per month at your bank. If you deposit $3,600, how long must you wait until your account has grown to $6,600? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Number of months
Assume that all banks are loaned up and that the reserve requirement is 2%. If you deposit $10,000 in currency into your checking account, what is the change in the MONEY SUPPLY? (Round answers to the nearest whole number, and be careful about signs.)
A bank pays an interest of 6.8% for a 6 month term deposit. Calculate the amount that Stacy must invest to earn an interest of $480.47. (Calculate to the nearest cent eg. 123.45) Answer:
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.) $400 balance, 15%, $50 payment (a) previous balance method $ 5 (b) adjusted balance method $ 4.5623 (c) average daily balance method $ 52.19173973X
You are looking for a bank in which to open a checking account for your new part-time business. You estimate that in the first year, you will be writing 30 checks per month and will make three debit transactions per month. Your average daily balance is estimated to be $900 for the first six months and $2,400 for the next six months. Use the following information to solve the problem. Bank Monthly Fees and Conditions Bank 1 $16.00 with $1,000 min. daily balance-or-$25.00 under $1,000 min. daily balance Bank 2 $4.50 plus $0.40 per check over 10 checks monthly$1.00 per debit transaction Bank 3 $5 plus $0.25 per check$2.00 per debit transaction Bank 4 $8 plus $0.15 per check$1.50 per debit transaction (a) Calculate the cost (in $) of doing business with each bank for a year. Bank 1 Bank 2 Bank 3 Bank 4 (b) Which bank should you choose for your checking account? Bank 1 Bank 2 Bank 3 Bank 4
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 answer to the nearest cent.) $400 balance, 17%, $350 payment; average daily balance method
The table below shows the expenses and payments for 8 months on a credit card account with an initial balance of $400. Assume that the interest rate is 1.0% per month (12% APR) and that interest for a given month is charged on the balance for the previous month. Complete the table. After 8 months, what is the balance on the credit card? E Click the icon to view the table of expenses and payments. Complete the table below. (Round to the nearest cent as needed.) Month | Payment | Expenses | Interest | Balance - > Table of expenses and payments $400 $4.00 s204.00 --- --- --- 1 $400 $200 Month Payment Expenses Interest Balance $400 $200 1.0% x $400 204.00 2 $225 $225 1 $400 = $4.00 2 3 $225 $360 $400 $225 $350 $350 $60 $80 $200 S70 6 7 8. $100 $225 $110 Print Done
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 17 months? (Round your answer to the nearest cent.)

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