Your credit card billing cycle is 10 days. You started your billing cycle with a balance of $500. On Day 4, you made a $100 purchase. On Day 8, you made a $200 payment to your account. What is your average daily balance?

Q: ou have a credit card balance of $2,000 and are able to make payments of $50 per month.  Assume the…

A: we need to use NPER function in excel to calculate number of periods/months. Formula is…

Q: 2)Sarah began her credit card billing cycle with a zero balance, and her billing date is March 20.…

A: Answer: We have Sarah made purchase value of March 21 = $4600 Due date = 15 April Rate of interest =…

Q: What is the annual cost of a checking account with a monthly fee of $7.50 and a processing fee of…

A: The amount to be paid by a checking account holder for using and maintaining it on a yearly basis is…

Q: Mr. VanJergen's credit card uses the average daily balance method for calculating interest. His…

A: For the purpose of calculating the finance charge on the credit card, there are different…

Q: You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will…

A: Charge of credit card = 3172 Minimum monthly payment = 46.69 N = 96 payments

Q: s money hc holdingr

A: She will withdraw 4 x 100 = $ 400

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.