The table below shows a summary of Carlos's credit card statement for the month of July. Transaction types Amount Unpaid balance from June (Beginning balance on July 1) $625.30 Purchases made during the month of July $215.85 Payments made during the month of July $65.13 Complete the parts below. Write your answer to the nearest cent. (a) Suppose the credit card company charges 1.3% monthly interest on the unpaid balance from June. How much interest will this be? (b) $0 What will Carlos's unpaid balance be on his August 1 statement? (Assume that this balanc will include the interest from part (a), but will not include any interest on his July balance yet.) $0

The table below shows a summary of Carlos's credit card statement for the month of July. Transaction types Amount Unpaid balance from June (Beginning balance on July 1) $625.30 Purchases made during the month of July $215.85 Payments made during the month of July $65.13 Complete the parts below. Write your answer to the nearest cent. (a) Suppose the credit card company charges 1.3% monthly interest on the unpaid balance from June. How much interest will this be? (b) $0 What will Carlos's unpaid balance be on his August 1 statement? (Assume that this balanc will include the interest from part (a), but will not include any interest on his July balance yet.) $0

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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Similar questions

MN.3.
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 credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ __?
If Vabasa, Inc. has an average collection period (ACP) of 52.5 days (assume a 360 day year) and annual net credit sales of 11,513,000, what is accounts receivable for Vabasa? Enter your answer as a whale number rounded to 0 decimal places, but do not include a dollar sign or any commas in your answer. For example, enter $4,392,118.9342 as 4392119. Your Answer: Answer
The table below shows the expenses and payments for 8 months on a credit card account with an initial balance of $400. Assume that the interest rate is 1.0% per month (12% APR) and that interest for a given month is charged on the balance for the previous month. Complete the table. After 8 months, what is the balance on the credit card? E Click the icon to view the table of expenses and payments. Complete the table below. (Round to the nearest cent as needed.) Month | Payment | Expenses | Interest | Balance - > Table of expenses and payments $400 $4.00 s204.00 --- --- --- 1 $400 $200 Month Payment Expenses Interest Balance $400 $200 1.0% x $400 204.00 2 $225 $225 1 $400 = $4.00 2 3 $225 $360 $400 $225 $350 $350 $60 $80 $200 S70 6 7 8. $100 $225 $110 Print Done
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 00
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% per month on the average daily balance Find (a) the average daily balance, (b) the monthly finance charge, and (e) the account balance for the next billing Previous Balance: $485.26 January 13 Billing Date January 15 Retums January 20 Clothes January 27 Bus Sickets February 2 Payment February 6 Flowers $105.09 $114.34 $76.83 $130 $64.41 (a) The average daily balance is (Round to the nearest cent as needed.) (b) The finance charge is (Round to the nearest cent as needed) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
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.) Annual Purchases Payments Monthly Periodic Finance New Previous Percentage Rate (APR) (as a %) Charge (in $) and Cash and Balance Balance Rate Advances Credits (in $) $2,450.00 $1,334.98 $400.00 4
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 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 $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
A credit card has a monthly rate of 1.23%. In the January 1-January 31 itemized biling, the average daily balance is $706 23. The payment due date is February 9. Find the interest due on this date using the average daily balance method. Round answer to the nearest cent EIER
The 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 $127.22
A) What is the APR for purchases made using this credit card? B) What is the maximum amount that Marcus can put on this credit card? C) Did Marcus pay off the entire balance of his credit card last month? D) Suppose Marcus pays the minimum payment due this month, what will his new balance be, after this payment is processed and assuming he makes no additional purchases?

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