Susan has a credit card with an APR of 7.2%. For the billing period ending on June 5, average daily balance (ADB) on her credit card was $100.31. What is monthly finance charge for that billing cycle?
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A: Determine the finance charge on June 1 by previous balance method: By this method, we need to…
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A: In unpaid balance method, the interest for credit card is computed irrespective of transactions made…
Q: Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his…
A: Finance Charge: It refers to the amount of interest you'll pay on a loan, and it's most commonly…
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A: Finance charge = Previous balance * Monthly interest rate Finance charge = $240.97*18%/12 Finance…
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A: Accounts receivable is the amount that is raised when the goods are purchased by the customer on…
Q: Arnold Brown has a Visa Card with an annual percentage rate of 16.8%. The unpaid balance for his…
A: Annual percentage rate = 16.8% Unpaid balance of billing cycle = $1,406.25 Cost of printer…
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A:
Q: The due date on Gabrielle's credit card is the 8th day of each month. Gabrielle's unpaid credit card…
A: Balance on July 8th is $2,750 Additional Charges during month is $320 Payment during month is $400…
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A: In credit cards, we can say that finance charges include interest and transaction fees charged on…
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A: Companies charges the interest on credit card based on average daily balance during the month that…
Q: Answer:
A: The interest rate on a credit card, commonly known as a 'cash loan,' is the rate charged by a credit…
Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…
A: Solution Given Balance on October 12 5000 Purchase made on October 15 1500 Payment…
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A: Here,AverageDaily Balance of Credit Card is $1,200APR is 18%Late Charges is $29
Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…
A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…
Q: Find the Black's finance charge on April 1
A: Finance Charge is a charge on the amount lent. On lending an amount, an interest is charged on the…
Q: You had a balance of $2,100 last month after your payment on your credit card. You charged one pair…
A: Adjusted balance method: Total Balance due = Beginning balance - Payments paid + Monthly…
Q: Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his…
A: The finance charge is the cost of the unpaid balance. The balance of the credit card is adjusted for…
Q: A credit card has an average daily balance of $2,833.84 and the monthly periodic rate is 1.337%.…
A: Finance Charges for the month = Average Daily balance X Periodic Rate
Q: A credit card has an average daily balance of $2,861.56 and the monthly periodic rate is 1.295%.…
A: Average Daily Balance of Credit Card = $2,861.56 Monthly Interest Rate = 1.295%
Q: 1. The average daily balance for Maggie Mae's last credit card statement was $1,634.28, and she had…
A: 1. a. APR = 18% The monthly interest rate for Maggie Mae is Monthly Interest…
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A: Average daily balance is a method in which balance for each day is calculated. Sum of each day…
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A: Average Daily BalanceThe average daily balance is one of the methods used by credit companies to…
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A: Data given: Transaction Date Transaction detail Amount ($) Jul-07 Balance due 265.72 Jul-15…
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A: The average daily balance method calculates interest charges for the period by multiplying the…
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A: A revolving credit account is the kind of account that gives you access to a set limit of money i.e.…
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A: A finance charge refers to an amount being charged by banks or financial institutions over the…
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A: Unpaid balance method ascertains the finance charge on the previous balance outstanding i.e., the…
Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…
A:
Q: In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3…
A: Data given: Previous balance=Nil APR=15% Minimum payment=2% Details of purchases Date Amount…
Q: The balance on Ramon Felipe's credit card on January 19, his billing date, was $313.13. For the…
A: Computation of total balance Period Transaction Transaction value No. of days Balance Total…
Q: Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his…
A: Monthly Interest Rate=Annual Interest RateNo. of periods in a year=19.2%12=1.6% a) Finance…
Q: Use the unpaid balance method to calculate the finance charge on Joanna's credit account if last…
A: Computation:
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A: Finance chargeThe cost incurred by the borrower at the time of borrowing money is known as a finance…
Q: Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest…
A: The cost of borrowing money each year, including fees, is stated as an annual percentage rate. The…
Q: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…
A: Last month's balance = $400 Payment = $350 Interest rate = 16.7% Bought plane ticket = $100 Bought…
Q: On August 10, a credit card account had a balance of $345. A purchase of $52 was made on August 15,…
A: Beginning balance = $345Purchases made on August 15= $52Amount charged on August 27 = $161Payment…
Q: Assume you have a credit card that has a 24% APR and you have an average daily balance of $1,500.00.…
A: Credit cards are payment cards that allow cardholders to borrow money from a financial institution…
Q: Jason has credit card with the monthly interest rate of 1.3%. His statement from October 10 to…
A: Beginning balance (B0) = $1132 Days from Oct 10 to Nov 10 = 32 Purchase on Oct 17 (P1) = $900 Days…
Q: n August 1, Felix’s credit card has a balance of $1,125.25. According to the terms of the card’s…
A: We have to estimate the monthly finance charges for the month of August, on average daily balance…
Q: 2) Chris had these daily balances on his credit card for his last billing period. He did not pay the…
A: The average daily balance refers to the balance that the credit card is assumed to have. It allows…
Q: A credit card had a previous balance of P 9 500 on June 10. A purchase of P 5 000 was made on June…
A: Average daily balance = Total of (Number of days * Unpaid balance) / Total number of days
Q: The table below shows the expenses and payments for 8 months on a credit card account with an…
A: Credit card Balance Formula: Balance = Previous balance - Payment + expense + interest Interest =…
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- A machine shop has a credit card that offers rebates on purchases. At the end of May, the company had a credit card bill of $19,474.38. If the company must make a minimum payment that is the greater of $500 or 4.5% of the credit card bill, what is the minimum monthly payment for May? (Round your answer to the nearest cent.) $?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 00A credit card account had a balance of P 5 000 on October 12. A purchase of P 1500 was made on October 15 and a payment of P 3 500 was made on October 25. Find the current balance if the billing date is on November 12 and the interest rate is 2.5% per month. Answer:
- John Smith has a credit card that charges 11% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 14 days his balance was $2,536.28. For 7 days the balance was $1,536.28. And for 8 days the balance was $1,807.15. Find the average daily balance. Find the amount of interest. The average daily balance is $ The amount of interest is $ (Round to the nearest cent as needed.) ...A machine shop has a credit card that offers rebates on purchases. At the end of May, the company had a credit card bill of $19,462.41. The company must make a minimum payment that is the greater of $500 or 4.5% of the credit card bill. (a) What is 4.5% of the credit card bill? (Round your answer to the nearest cent.) (b) What is the minimum monthly payment for May? (Round your answer to the nearest cent.)John Smith has a credit card that charges 11% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 30 days. For 17 days his balance was $2,536.51. For 7 days the balance was $1,536.51. And for 6 days the balance was $1,895.33. Find the average daily balance. Find the amount of interest.
- Please answer all subparts with explanation. I will really upvote. ThanksThe balance on Ramon Felipe's credit card on January 20, his billing date, was $205.12. For the period ending February 20, Ramon had the following transactions to the right. a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 20. Assume an interest rate of 1.2% per month. c) Find the balance due on February 20. a) The average daily balance for the billing period was $ (Round to the nearest cent as needed.) b) The finance charge to be paid on February 20 is $ (Round to the nearest cent as needed.) c) The balance due on February 20 is $ (Round to the nearest cent as needed.) January 23 January 29 February 7 February 9 Charge: Restaurant meal Payment Charge: Lawn ornaments Charge: Microwave oven $47.21 $160.00 $57.92 $127.22Last month, Kaitlin's average daily balance on her credit card was $1,967.44. The annual interest rate on that credit card is 16.77%. The minimum payment on that card is the interest charge ( /= B - n) plus 3% of the ending balance or $25, which 365 ever is larger. If there were 31 days in that month and the ending balance was $2,581.05, what would be the balance on her credit card after she made that payment for that month? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 1289.65
- On September 10, a credit card account had a balance of $450. A purchase of $47 was made of September 20, and $157 was charged on September 25. A payment of $175 was made on September 28. The interest rate on average daily balance is 1.25% per month. Find the finance charge on October 10 bill.Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest rate on that credit card is 18.36%. The minimum payment on that card is the interest charge ( 365 n) plus 3% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $2,834.4, what would be the balance on her credit card after she made that payment for that month? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 1289.65You have a Visa credit card account lemi with a 24.99% annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month. Your credit card balance on June 1 was $252. On June 8th you made a $109 purchase. You made another purchase, a $75 gift card, on June 18th. You made a $100 payment on June 28th. Show your work for all parts of the problem. (a) What is the average daily balance for July? (b) What is your finance charge on the account as of July 1st? (c) What is your new credit card balance?