Suppose the charge finance charge on April 1 if Black's had an unpaid balance on March 1 of $109.33, a payment of $10.00 posted on March 13, and a purchase of $29.82 posted o March 24. The billing cycle ends March 31. cal supply store had a 1.7% terest rate per mo on the average daily balance. Find the Black The Black's finance charge is S. (Round to the nearest cent as needed.)

Suppose the charge finance charge on April 1 if Black's had an unpaid balance on March 1 of $109.33, a payment of $10.00 posted on March 13, and a purchase of $29.82 posted o March 24. The billing cycle ends March 31. cal supply store had a 1.7% terest rate per mo on the average daily balance. Find the Black The Black's finance charge is S. (Round to the nearest cent as needed.)

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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Suppose the charge account of Black's Mailing Service at the local supply store had a 1.7% interest rate per month on the average daily balance. Find the Black's finance charge on April 1 if Black's had an unpaid balance on March 1 of $106.77, a payment of $25.00 posted on March 6, and a purchase of $25.29 posted on March 18. The billing cycle ends March 31.
Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $174.70, a payment of $50 posted on March 7, and a purchase of $31.40 posted on March 17. The billing cycle ends March 31.
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?
Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $196.30, a payment of $40 posted on March 9, and a purchase of $33.20 posted on March 17. The billing cycle ends March 31. The average daily balance is $ (Type an integer or decimal rounded to the nearest hundredth as needed.)
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $154.97, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $35.00 March 17 tools $38.57 what is the average daily balance? what is the finance charge?
Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $138.90, a payment of $50 posted on March 11, and a purchase of $21.70 posted on March 25. The billing cycle ends March 31. The average daily balance is $nothing
Use the average daily balance method to compute the finance charge on the credit card account for the month of august (31 days). The starting balance from the previous month is $240. The transactions on the account for the month are given in the table. Assume an annual interest rate 17% on the account and that the billing date is august 1. 8/5 payment of $89 8/12 charged $130 8/16 charged $27 8/25 charged $26 what is finance charge of august
Use the unpaid balance method to find the finance charge on the credit card account for August. The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 21% on the account and that the billing date is August 1st.
For the credit card account below, compute the average daily balance, the finance charge, and the account balance for the next billing. Assume the account is billed on the same date each month and that the annual interest rate is 18%. This credit card company calculates the finance charge on the average daily balance, but they consider each month of a year instead of using the number of days in the month. 12 Previous Balance: $1045 March 15 Billing Date March 23 Flowers $106 March 30 Payment $81 April 1 Groceries $86 April 8 Returns $50 April 11 Concert Tickets $138 Average Daily Balance: Finance Charge: Account Balance for the Next Billing:
Use the average daily method to find the finance charge on the credit card account for September (that will appear on the October bill). The starting balance from the previous month is 280$. The transactions on the account for the month are given below. Assume an annual interest rate of 26% on the account and that the billing date is October 1st. September 1 The starting balance is 280$ September 3 Charged $123 September 10 Made a payment of $ 350 September 13 Returned $25 September 22 Charged $89 The finance charge is $. (Round the answer to nearest cent as needed. Type dollars and cents in the two given blanks.)
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.5 % per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $449.12 January 10 Billing Date January 12 Returns $102.72 January 21 Clothes $117.41 January 25 Bus tickets $76.64 February 2 Payment $135 February 8 Flowers $56.23 (a) The average daily balance is $
A credit card account’s due date is June 9, and the outstanding balance on that day is $460. On that same day, the card holder sends in a payment of $75 and uses the card for a $20 purchase. The card is used again on June 13th and June 24th for purchases of $154 and $54, respectively. If the credit card interest rate on the average daily balance is 2.5% per month, what is the finance charge for the month? Round your answer to the nearest cent.

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