Word Problem 14-20 (Static) [LU 14-2 (1)] Cindi Cavalier was furloughed from her job at Red Robin Garden Store for six months at the start of the pandemic. She normally has paid her credit card off each month. Because of being furloughed, however, she has been unable to. Calculate Cindi's average dail balance, finance charge, and new balance. Her finance charge is 17% APR. Note: Do not round intermediate calculations. Round your final answers to the nearest cent. June 1 June 3 30-day billing cycle Previous balance Charge, Safeway $868 102 June 10 Charge, CS Utilities 225 June 15 Credit, Amazon 75 June 20 Charge, Shell 68 June 29 50 Average daily balance Finance charge Payment New balance

Word Problem 14-20 (Static) [LU 14-2 (1)] Cindi Cavalier was furloughed from her job at Red Robin Garden Store for six months at the start of the pandemic. She normally has paid her credit card off each month. Because of being furloughed, however, she has been unable to. Calculate Cindi's average dail balance, finance charge, and new balance. Her finance charge is 17% APR. Note: Do not round intermediate calculations. Round your final answers to the nearest cent. June 1 June 3 30-day billing cycle Previous balance Charge, Safeway $868 102 June 10 Charge, CS Utilities 225 June 15 Credit, Amazon 75 June 20 Charge, Shell 68 June 29 50 Average daily balance Finance charge Payment New balance

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 3FPE

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Saint Paul ne Apote n ts 0. Kyle used the equation y = 300(1.09)* , where x represents months and y represents the amount ne owes, to predict how much he has to pay on his credit card bill if he does not make any payments each month. a. What is Kyle's original credit card bill? b. What is the interest rate on his credit card? С. How much money will Kyle owe if he does not pay off his balance for 6 months? 9. The population of the deer on Walla Walla Island doubles every year. The island began with 8 deer. Write a function that models the change in the animal population: a. b. How many deer will there be after 5 years? How many deer will there be after 10 years? С.
QUESTION 1 Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in her monthly budget, so she ended up borrowing from a pay-day loan company. As long as she can pay the loan back at the end of the 30 day period she won't be charged any interest, technically. However, she did have to pay an $19 processing fee per $100 that she borrowed. If she were to consider the processing fee to represent interest paid in her formula, what would she discover to be the annual interest rate she was charged on her short term loan? QUESTION 2 The end of the month has arrived and Marina was only able to save up a portion of the money she owed so far. This means she will have to delay paying off on the remaining amount. Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount until it is paid off. The APR (annual percentage rate) is 46.5%, but the interest is…
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Joelle prefers to pay by credit card, but her card was declined. She B returns home to call her bank. They informed her that her credit limit using this card is $300. The credit card she has currently charges a 19.2% annual interest rate compounded monthly. The table to the right shows the balance, 8, of her account after m months. 100 119.2 142.09 169.37 4 201.89 15 240.65 286.85 Question 2A: Based on the information given, why might Joelle not have been able to use her credit card at Target? Part B: For each time period below, determine the rate of change: month 1 to month 2 month 2 to month 3 month 4 to month 6 month 3 to month 5 The time period with the greatest rate of change is: Part C: What do you notice about the average rate of change in this scenario? What does this indicate about the function we are working with? Please explain your response.
1. Alev has a $300 balance on her credit card that she forgot about. Each month, the balance increases by 13% due to compound interest. How much will her balance be 6 months from now if she continues to forget and not make any payments? Show your work AND explain your thinking.
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Due to this pandemic, your mother is having a hard time paying your bills, so she decided to apply for a loan. Can you help your mother pick which bank will she choose to have the loan? BANK A BANK B - maximum of Php 500,000 loan - maximum of Php 500,000 loan - offers 6% interest compounded semi- annually - offers 4% compounded quarterly - payable for 3 years - payable for 3 years Which bank will you choose? Explain your answer.
Dominique Fouque owns and operates Dominiques Doll House. She has a small shop in which she sells new and antique dolls. She is particularly well known for her collection of antique Ken and Barbie dolls. A completed spreadsheet for 20-3 is shown on page 610. Fouque made no additional investments during the year and the long-term note payable is due in 20-9. No portion of the long-term note is due within the next year. Net credit sales for 20-3 were 38,000, and receivables on January 1 were 3,000. REQUIRED 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet. 4. Compute the following measures of performance and financial condition for 20-3: (a) Current ratio (b) Quick ratio (c) Working capital (d) Return on owners equity (e) Accounts receivable turnover and average number of days required to collect receivables (f) Inventory turnover and the average number of days required to sell inventory 5. Prepare adjusting entries and indicate which should be reversed and why. 6. Open an Income Summary account. Post adjusting and closing entries (prepared in 7) to this account. 7. Prepare closing entries. 8. Prepare reversing entries for the adjustments where appropriate.
Q. Sarah and Joshua each use their credit cards to buy holiday packages to Adelaide. The cost of the package is $1700 for each person. a) The charge on Sarah’s credit card is 0.9% compound interest per month on the unpaid balance. It has no interest-free period. Sarah pays $800 after one month and another $500 the next month. How much does she still owe on her credit card? b) The charge on Joshua’s credit card is interest-free in the first month and 1.4% compound interest per month on any unpaid balance. Joshua pays $800 after one month and another $500 the next month. How much does he still owe on his credit card? Write detailed solutions.
2. Janine has two choices for paying off her credit card balance. She can make payments of $186 per month for 36 months to the credit card company, or she can borrow the card balance from the bank and make payments of $162 per month to the bank for 36 months. How much money will she save if she borrows the money from the bank and pays off her credit card? F $927 G $28 H $972 $864