You have a credit card that charges an interest rate of 10.95% compounded monthly. The table below shows your activity for the month of April. Date April 1 April 3 April 9 April 20 April 24 April 26 April 30 Ending Balance Activity Beginning Balance Purchase $ Payment Purchase Purchase Purchase Amount Balance 1,175.00 35.70 1,210.70 910.70 1,002.70 1,017.70 1,082.40 1,082.40 -300.00 92.00 15.00 64.70 What is the average daily balance for this account?

You have a credit card that charges an interest rate of 10.95% compounded monthly. The table below shows your activity for the month of April. Date April 1 April 3 April 9 April 20 April 24 April 26 April 30 Ending Balance Activity Beginning Balance Purchase $ Payment Purchase Purchase Purchase Amount Balance 1,175.00 35.70 1,210.70 910.70 1,002.70 1,017.70 1,082.40 1,082.40 -300.00 92.00 15.00 64.70 What is the average daily balance for this account?

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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The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. A. Find the interest to be paid on july 1, the next billing date. Round to the nearest cent. The interest to be paid on july 1 $__
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Consider the following credit card activity for the month of September: Date Balance September 1 $0 September 7 $331 September 13 $935 September 21 $1,552 September 25 $ 2,208 If this card's annual APR is 20.9% and the September balance is not paid during the grace period, how much interest is owed for September? There are 30 days in September. Round your answer to the nearest dollar.
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Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. Previous Month Month's Balance March $640.00 $ Need Help? Read It Submit Answer Finance Charge (in $) Purchases and Cash Advances Payments and Credits $126.97 $75.00 New Balance End of Month (in $)