The credit card with the itemized billing statement below uses the average daily balance method to calculate interest. The monthly interest rate is 1.7%. Find the minimum monthly payment due on July 9 if the minimum monthly payment is 1/25th of the balance due on July 1st, rounded up to the nearest dollar. Show work. Transaction description Previous balance, $2645.04 June 1 Billing Date June 6 June 8 June 17 June 30 Payment Charge: Gas Charge: groceries End of billing period Payment Due Date: July 9 Transaction amount $1800.00 credit $41.37 $130.01

The credit card with the itemized billing statement below uses the average daily balance method to calculate interest. The monthly interest rate is 1.7%. Find the minimum monthly payment due on July 9 if the minimum monthly payment is 1/25th of the balance due on July 1st, rounded up to the nearest dollar. Show work. Transaction description Previous balance, $2645.04 June 1 Billing Date June 6 June 8 June 17 June 30 Payment Charge: Gas Charge: groceries End of billing period Payment Due Date: July 9 Transaction amount $1800.00 credit $41.37 $130.01

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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PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Annual Finance Purchases Payments and New Previous Periodic Percentage Rate (APR) Charge (in $) and Cash Balance Balance Rate Advances Credits (in $) (as a %) $1,027.61 % 1% $322.20 $400.00
Here is Deon's credit card statement for the month of November. Date Transaction November 1 November 7 November 19 November 26 Payment Beginning balance Payment Purchase Date (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Transaction amount $2900.06 $540.00 $35.45 $700.00 Transaction November 1 Beginning balance November 7 Payment November 19 Purchase November 26 Payment Transaction amount Unpaid balance Number of days at that balance $2900.06 $2900.06 6 days (from November 1 through November 6) $540.00 $2360.06 $35.45 $700.00 days (from November 7 through November 18) $7 days (from November 19 through November 25) $5 days (from November 26 through November 30) Total: 30 days Unpaid Number balance of days X $17,400.36 $ $ $ Total: $
Nancy is reviewing her November credit card statement. Her beginning balance was $605 and she made a $175 payment on November 10. She made purchases of $100 on November 5, $120 on Novemeber 15, and $45 on November 30. Her APR is 14% and the interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit. Answer parts 1 through 5. 1. Find the unpaid balance on November 30 before interest is charged. The unpaid balance before interest is $
You have a credit card that charges a monthly interest rate of 1.85 %. The table below shows your activity for the month of May. Date May 1 May 3 May 8 May 17 May 20 May 23 May 31 Activity Beginning Balance Purchase 202.62 Payment Purchase Purchase Purchase Closing date Amount 1050.15 32.52 -1050.15 87.19 13.41 68.85 What is the interest charged on the unpaid balance from the previous month? $1050.15 What is the statement balance due for the May billing period? Question Help: Message instructor
Calculate the missing information on the following revolving credit accounts. Interest is calculated on the unpaid or previous month's balance. Do not enter the percent symbol in your answer. Round your answers for finance charge and new balance to the nearest cent. Annual Monthly Purchases Payments Previous Percentage Periodic Finance and Cash and New Balance Rate (APR) Rate Charge Advances Credits Balance $862.25 0.25% $156.80 $417.00
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $121.60 average daily balance = $
The activity date, company, and amount for a credit card bill are shown below. The due date of the bill is July 10. On June 10, there was an unpaid balance of $987.81. Find the finance charge if the interest rate is 1.9% per month. (Round your answer to the nearest cent.) $ X Activity Date June 10 June 11 June 12 June 15 June 16 June 20 June 22 June 28 June 30 July 2 July 8 Company Unpaid balance Jan's Surf Shop Albertson's The Down Shoppe NY Times Sales Cardiff Delicatessen The Olde Golf Mart Lee's Hawaiian Restaurant City Food Drive Credit card payment Safeway Stores Amount 987.81 156.33 45.61 59,84 18.54 23.09 126.92 41.78 100.00 -1000.00 161.38 4
Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $200. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18% on the account and that the billing date is April 1st. ..... Date Transaction April 3 Charged $125 for a coat April 11 Made payment of $142 April 21 Charged $34 for DVDs April 28 Charged $25 for groceries The finance charge for the month of April is $enter your response here.
You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account.
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.

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