QUESTION 1Use the unpaid balance method to find the finance charge on the credit card account for November (that will appear on December bill). Thebalance at the beginning of the month is 380$. The annual interest rate is 22%. The billing date is December 1st. The transactions on theaccount for the month are given below.November 1November 8November 10Finance charge for NovemberCharged $53Amazon refund $24 (item notdelivered)Charged $305 (airplane tickets)Charged $219 (shopping)Payment $700November 13November 22November 28The finance charge added to November bill: $The balance at the end of November: $The finance charge for November (added to December bill): $(Round the answers to nearest cent.)

Finance Charge = Closing balance for the month x Monthly Interest Rate

Answered: Use the unpaid balance method to find…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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