The finance charge and new balance if the annual percentage rate is 20 % the previous month’s balance are $ 267.00 , purchases and cash advances are $ 547.66 and payments and credits are $ 95.00 for the month of December.

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Answer 1

Question

Chapter 13, Problem 3AT

(a)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance are $267.00, purchases and cash advances are $547.66 and payments and credits are $95.00 for the month of December.

(b)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (a) are $724.12, purchases and cash advances are $213.43 and payments and credits are $110.00 for the month of January.

(c)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (b) are $839.64, purchases and cash advances are $89.95 and payments and credits are $84.00 for the month of February.

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Answer 2

Question

Chapter 13, Problem 3AT

(a)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance are $267.00, purchases and cash advances are $547.66 and payments and credits are $95.00 for the month of December.

(b)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (a) are $724.12, purchases and cash advances are $213.43 and payments and credits are $110.00 for the month of January.

(c)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (b) are $839.64, purchases and cash advances are $89.95 and payments and credits are $84.00 for the month of February.

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Answer 3

Question

Chapter 13, Problem 3AT

(a)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance are $267.00, purchases and cash advances are $547.66 and payments and credits are $95.00 for the month of December.

(b)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (a) are $724.12, purchases and cash advances are $213.43 and payments and credits are $110.00 for the month of January.

(c)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (b) are $839.64, purchases and cash advances are $89.95 and payments and credits are $84.00 for the month of February.

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Answer 4

Question

Chapter 13, Problem 3AT

(a)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance are $267.00, purchases and cash advances are $547.66 and payments and credits are $95.00 for the month of December.

(b)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (a) are $724.12, purchases and cash advances are $213.43 and payments and credits are $110.00 for the month of January.

(c)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (b) are $839.64, purchases and cash advances are $89.95 and payments and credits are $84.00 for the month of February.

Expert Solution & Answer

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Answer 5

Chapter 13, Problem 3AT

(a)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance are $267.00, purchases and cash advances are $547.66 and payments and credits are $95.00 for the month of December.

(b)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (a) are $724.12, purchases and cash advances are $213.43 and payments and credits are $110.00 for the month of January.

(c)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (b) are $839.64, purchases and cash advances are $89.95 and payments and credits are $84.00 for the month of February.

Answer 6

Chapter 13, Problem 3AT

(a)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance are $267.00, purchases and cash advances are $547.66 and payments and credits are $95.00 for the month of December.

Answer 7

Chapter 13, Problem 3AT

(a)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance are $267.00, purchases and cash advances are $547.66 and payments and credits are $95.00 for the month of December.

Answer 8

(b)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (a) are $724.12, purchases and cash advances are $213.43 and payments and credits are $110.00 for the month of January.

Answer 9

(b)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (a) are $724.12, purchases and cash advances are $213.43 and payments and credits are $110.00 for the month of January.

Answer 10

(c)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (b) are $839.64, purchases and cash advances are $89.95 and payments and credits are $84.00 for the month of February.

Answer 11

(c)

To determine

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (b) are $839.64, purchases and cash advances are $89.95 and payments and credits are $84.00 for the month of February.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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The finance charge and new balance if the annual percentage rate is 20 % the previous month’s balance are $ 267.00 , purchases and cash advances are $ 547.66 and payments and credits are $ 95.00 for the month of December.

Solution Summary: The author calculates the finance charge and new balance by dividing the annual percentage rate by the number of months in a year.

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To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance are $267.00, purchases and cash advances are $547.66 and payments and credits are $95.00 for the month of December.

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (a) are $724.12, purchases and cash advances are $213.43 and payments and credits are $110.00 for the month of January.

To calculate: The finance charge and new balance if the annual percentage rate is 20% the previous month’s balance that had been computed in previous part (b) are $839.64, purchases and cash advances are $89.95 and payments and credits are $84.00 for the month of February.

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