8. Marissa's charge account statement showed a previous balance of $142.55, a finance charge of $2.82, new purchases of $86.50, and a payment of $80.00. What is her new balance?
8. Marissa's charge account statement showed a previous balance of $142.55, a finance charge of $2.82, new purchases of $86.50, and a payment of $80.00. What is her new balance?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:8. Marissa's charge account statement showed a
previous balance of $142.55, a finance charge of
$2.82, new purchases of $86.50, and a payment of
$80.00. What is her new balance?
Expert Solution
Charge Account
A formal agreement between a client and a business which permits the client to purchase and take away goods and utilize services and pay for them at a later time is called as charge account.
Charge account is also known as credit account.
The balance in charge account is determined by the value of goods and services of the business utilized by the customer on credit and the payment made for them at different point of time.
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