The due date on Gabrielle's credit card is the 8th day of each month. Gabrielle's unpaid credit card balance onJuly 8th is $2,750. From July 9th to August 8th, she charged an additional $320 and made a payment of $400.Assuming the annual interest rate on her card is 11% and the finance charge is calculated using the unpaidbalance at the end of the billing cycle, find the total unpaid balance on Gabrielle's card on August 8th.Balance = $What additional finance charge will be added to her August balance after the 8th?Finance charge

Balance on July 8th is $2,750 Additional Charges during month is $320 Payment during month is $400…

Answered: The due date on Gabrielle's credit card…

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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James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
Juanita has good credit and gets the lowest interest rate possible for her credit card. She has a balance of $982 on her January statement. What is her periodic rate?
James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days. 11 A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent. 22 Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent. 25 Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…
Bryan's credit card has an a APR of 12% for purchases and 19% for cash advances. they use a daily periodic rate for purchases and cash advances there is a cash advance fee of 3% . in a 31 day billing cycle,Bryan's purchases balance that is subject to finance charges is $286.26 .in addition he took an advance of $500 during the billing cycle and must a finance charges on it is for 15 days . Bryan did not pay off his credit card, and the next month the purchase balance subject to finance charges was $622.86. What are the total finance charges for a 31 day billing cycle?
On May 12, Alyssa accepted a $5,000 note in granting a time extension of a bill for goods bought by Lucy. The terms of the note were 8% for 120 days. On July 8, Alyssa needed to raise cash and discounted the note at Lucy's bank at a bank discount rate of 9% Calculate Alyssa's proceeds. Use ordinary interest
MN.55. Muriel has a line of credit with a limit of $10 OOO. She owed $8195 on July 1. Principal withdrawals for the period July 1 to November 30 were $3000 on August 20 and $600 on October 25. The line of credit agreement requires regular payments of$300 on the 15th day of each month. Muriel has made all required payments. Interest (including overdraft interest) is charged to the account on the last day of each month. The interest rate was 8% on July 1, but was changed to 7.5% effective September 15. Overdraft interest is 16% for any balance in excess of $10 000. (a) Calculate the interest charges on July 31, August 31, September 30, October 31, and November 30. (b) Calculate the account balance on November 30
On May 4 Ariel signed a simple discount note for $3,500 at 31/2% for 60 days. Use the simple interest formula to calculate the amount of interest Ariel will pay using ordinary interest.
Last 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

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