Using the unpaid balance​ method, find the current​ month's finance charge on a credit card account having the following transactions.    Last​ month's balance: ​$470    Last​ payment: ​$60    Annual Interest​ rate: 21​%   ​ Purchases:   ​$768   ​ Returns: ​$467

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: The average daily balance takes into account the invested or due sum at the end of each day of the…

Q: Suppose your MasterCard calculates interest using the average daily balance method, and the monthly…

A: "Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Calculate the average daily balance and finance charge on the statement below. Assume 2% finance…

A: Total Amount= Amount * Number of daysTotal Cummulative amount= 6000+2700+3300= 12000

Q: K Use the average daily balance method to compute the finance charge on the credit card account for…

A: The objective of this question is to calculate the finance charge for the month of August using the…

Q: Find the average daily balance for the credit card with the following transactions. Assume one month…

A: Average daily balance refers to the method used for calculating the interest charges by the banks…

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

A: The average daily balance method is the method wherein the finance charges are calculated on the…

Q: You have a credit card that charges an interest rate of 15.8% compounded monthly. The table below…

A: Average daily balance refers to the sum average of days and the amount in the credit card account.

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: The average daily balance is a common accounting method that calculates interest charges by…

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

A: Finance charge is the charge which is paid by the borrower for borrowing the money from the…

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

A: The unpaid balance method, also known as the "previous balance method," begins with the previous…

Q: The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is…

A: Average daily balance is calculated to determine the finance charge on the billing period of a…

Q: alculate the missing information on the revolving credit account. Interest is calculated on the…

A: PreviousBalanceAnnualPercentageRate (APR)MonthlyPeriodicRate(as a %)FinanceCharge(in $)Purchasesand…

Q: Using the unpaid balance method, find the current month's finance charge on a credit card account…

A: The Finance charge is basically the expense or cost which one incurs whether being the individual,…

Q: iodic Rate (as a %) Finance Charge (in $) Purchases and Cash Advances Payments and

A: Calculate APR as follows: APR = Monthly rate ×12 =114%×12=1.25%×12=15% Thus , APR id 15%

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

A: Finance charge refers to the type of cost used to incur through the borrowing of the funds. It…

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

A: Credit cards are charged on the basis of average daily balance in the account and are charged on the…

Q: Calculate the finance charge for a credit card that has been given an average daily balance and…

A: One technique a credit card issuer uses to determine the finance charges or interest on your card is…

Q: Using the unpaid balance method find the current month's finance charge on a credit card account…

A: Finance Charge refers to the extra amount which is paid on the principal while the instalment of…

Q: The table below shows a summary of Carlos's credit card statement for the month of July. Transaction…

A: Interest on credit card balance refers to the amount of money a cardholder is charged by the credit…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate = Monthly periodic rate x 12 months Multiplying monthly periodic…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate = Monthly rate x 12 Months

Q: Find the finance charge for a charge account with an average daily balance of $1213.58 and a monthly…

A: Finance Charge = Average Daily Balance x Monthly Interest rate

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Revolving credit refers to a line of credit that is used for borrowing amounts up to a certain…

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: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…

A: Here,Last Month Balance is $440Payment is $330Interest Rate is 19.20%Method is Unpaid Balance Method

Q: Use average daily balance method to compute the charge on the credit card account for the previous…

A: Computation:

Q: Use the average daily balance method to compute the finance charge in the credit card account for…

A: A finance charge in a credit account refers to the cost of borrowing money or using credit. It is…

Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: Here's the calculation of the average daily balance for the revolving credit account in October:Step…

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

A: The average daily balance is calculated by

Q: An unpaid credit card bill for $656.95 had a due date of May 8.  Purchases of $365. were made on May…

A: The question is based on the concept of finance charge calculation for credit card based on the…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Calculate APR as follows: APR = Monthly rate×12=114%×12=1.25%×12=0.15=15%   Calculate finance charge…

Q: Use average daily balance method to compute finance charge on credit card account for August, 31…

A: Credit Card enables holder to use money beyond the credit balance in checking account up to…

Q: Suppose your VISA card calculates interest using the average daily balance method, and the monthly…

A: "Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: The periodic rate is set by credit card and other fiance companies by dividing the APR by period of…

Q: balance method. The table below shows your activity for the month of July. Date July 1 July 9 July…

A: Credit cards provide short term credit and can be later with interest and credit cards are used now…

Q: For the credit card account, assume one month between billing dates (with the appropriate number of…

A: A credit card facility is a type of loan that an individual can avail from his banks and repay at a…

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

A: Finance charge is an additional amount which is charged on an amount financed through external…

Q: A credit card has a monthly rate of 1.6% and uses the average daily balance method for calculating…

A: When a credit card holder carries a balance on their credit card, they are charged interest on that…

Q: A credit card issuer calculates interest using the average daily balance method.  The monthly…

A: a). we begin by finding the average daily balance for the billing period. First make a table that…