The balance of my American Express is $10,928.35 with an APR of 26.5% What are my finance charges for the month of April? O $238.93 O $238.03 O $259.24 O $245.08

Q: You have a credit card that charges an interest rate of 16.4% compounded monthly. The table below…

A: Average daily balance is an accounting method that calculates the interest at the end of each day.…

Q: O 5 days 74 days During 2020, XYZ Inc. sold merchandise for $320,000. The merchandise cost $280,000.…

A: The question is based on the concept of Cost Accounting.Days sales outstanding is calculated by…

Q: The quoted annual rate on your credit card is 14 percent, and there is a $30 annual fee. If your…

A: A credit card is a financial tool that allows individuals to borrow funds from a financial…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Finance charge is the amount of charge due on balance to be paid. This is normally called as…

Q: lingerland borrowed $6,000 on July 20, at 11% interest. If the loan was due on October 15, what was…

A: given, p= $6000 r = 11% n = 87 ( july 20 - oct 15)

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Given, Annual Percentage Rate = 21% Previous month balance =$601.88 Formula used: Periodic rate =…

Q: Date March 2 8 13 19 22 28 31 Transaction Description Balarke Cheque 263 Cheque 264 Deposit Cheque…

A: Limit on your line of credit - $1,000.00Interest rate on positive balances - 1.7% p.a.Interest rate…

Q: How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an…

A: Using NPER function in excel

Q: Complete the following table by filling in missing amounts. Note: Use 360 days a year. $ Principal…

A: Refer to the attached images for the detailed solutions:

Q: Use the average daily method to find the finance charge on the credit card account for September…

A: Average daily balance is a method in which balance for each day is calculated. Sum of each day…

Q: Unpaid balance Up to $500 Over $500 New balance Under $200 Over $200 Minimum payment $10 5% of new…

A: (a) The finance charge for the month =  Previous balance = $55.10 So, finance charge = 1.5% upto 500…

Q: Ludwig borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the…

A: Step 1 A percentage of the principal, or the amount loaned, is what a lender charges a borrower as…

Q: Use the unpaid balance method to find the finance charge on the credit card account for April. The…

A: Financial charges refer to the charges applied to the debit balance of the credit card.

Q: eBook Baxley Brothers has a DSO of 38 days, and its annual sales are $10,585,000. What is its…

A: Days of sales outstanding  = (Accounts Receivables * 365)/Total Credit Sales

Q: he interest on a $ 21000, 6%, 60-day note receivable is (Use 360 days for calculation.) $ 210. $…

A: Introduction:- A written promise from a  customer to pay a specific amount of money on a particular…

Q: Hansen has a revolving credit account. The finance charge is calculated on the previous month's…

A: Banks charges interest based on the monthly basis and all calculations and settlement done on the…

Q: You would like to earn simple-interest $1 800 from a term deposit at 4.25% in 8 months. Calculate…

A: Simple interest is a method of interest calculation where the principal amount remains the same for…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Given The Previous month balance is $720 APR is 21%

Q: nth. Round all values to the nearest cent. A. What is the finance charge for this first month? B.…

A: finance fee is the interest  pay on a loan you owe,If you carry a debt from one payment month to…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Monthly finance charge on the credit card needs to be calculated under three different scenarios.…

Q: Assume that you start with a balance of $630 on your credit card. During the first month, you charge…

A: To complete the table, we need to follow these steps: 1. Calculate the finance charge for each…

Q: The balance of my Target credit card is $854.56 with an APR of 28%. What are my finance charges for…

A: The interest on credit card is charged on any unpaid balance at the end of the billing cycle. Credit…

Q: Calculate the nominal cost of credit if the credit terms are 2/10 net 30. Assume that there are 360…

A: The objective of this question is to calculate the nominal cost of credit given the credit terms…

Q: You borrow $64,000 in the form of an unsubsidized loan at 3.98% APR. How much money do you owe when…

A: Given: Loan amount = $64,000 APR = 3.98% Period 6 months

Q: e balance of my American Express is $7456 with an APR of 28.35%. What are my finance charges for the…

A: Given,  Balance in card = $7456 Annual percentage rate (APR) = 28.35%

Q: You just received your credit card statement that showed that you charged $120 with your card during…

A: The given details related to credit card debt are:Value of credit card debt: $120APR: 18%Period: 1…

Q: Suppose you invest $1,000.00 in an account with an annual interest rate of 6% compounded monthly…

A: To complete this table we have add simple interest on ending balance and then add deposit balance to…

Q: What is the annual rate of interest being charged on a 3-month note receivable of $51,000 if the…

A: Introduction: A note receivable is a documented promise to pay a set amount of money to another…

Q: The balance of my MasterCard is $4315 67 with an APR of 27 8 % I make the minimum payment of $175 a…

A: Credit cards are used now days very commonly but one must use it with care because there are many…

Q: Consider a credit card with an APR of 21.99% and a minimum payment each month of 6% of the new…

A: Finance Charge = starting balance *21.99%/12

Q: 27.03%; $1,270You are offered a credit card with an APR of 25% based on monthly compounding. What is…

A: We solve this problem by finding the annual effective rate (AER) for a credit card with an APR of…

Q: None

A: Month 1Finance Charges = 4000 * 0.25 /12 = 83.33Balance after finance charges and purchases = 4000+…

Q: What is the average daily balance for this account? What is the finance charge for the month of…

A: Finance Charge: Finance charge implies the amount charged for the usage of credit.   Average Daily…

Q: 15.67 with an APR of 27.8%. I make the minimum payment of $175 a month. How long will it take to pay…

A: The given problem can be solved using NPER function in excel. NPER function computes no. of…

Q: What amount of money will accumulate to $8193.9 in 94 days at an interest rate of 3.5% p.a.?

A: Present Value :— It is the value of future money at present day.   Present Value = Future…

Q: 17. Calculate the finance charges for the following credit card account for August (which has 31…

A: Calculation of financial charges is shown as follows: Hence, the interest amount is $4.56.

Q: Swifty Company purchased merchandise with an invoice price of $3500 and credit terms of 3/10, n/30.…

A: Credit terms is the agreement between the seller and the buyer for the goods sold on credit in which…

Q: Suppose you deposit $2899 into an account today In six years the account is worth $3,754 the account…

A: The formula of discount rate has been derived from the formula of future value. The formula is:

Receivables Management