Bryan's credit card has an a APR of 12% for purchases and 19% for cash advances. they use a daily periodic rate for purchases and cash advances there is a cash advance fee of 3% . in a 31 day billing cycle,Bryan's purchases balance that is subject to finance charges is $286.26 .in addition he took an advance of $500 during the billing cycle and must a finance charges on it is for 15 days . Bryan did not pay off his credit card, and the next month the purchase balance subject to finance charges was $622.86. What are the total finance charges for a 31 day billing cycle?

Samantha and Samuel both have student credit cards issued by VISA. Their credit card statements show they are at their credit card limit of $500 this month. Samantha manages her credit well and ensures that her credit card balance is paid off in full each month before the payment deadline while Samuel cannot manage to pay off the minimum amount required each month. Complete the sentence: For Financial Statement reporting purposes, __________________________________________. a) It does not matter where Samantha or Samuel report the$500 as long as it is shown on one of their Financial Statements. b) Both Samantha and Samuel would report their $500 on their Balance Sheet as a current liability. c) Both Samantha and Samuel would report their $500 on their Cash Flow statement as an expense. d) Samantha would report her $500 on her Cash Flow statement as an expense while Samuel would report his credit card debt of $500 on his Balance Sheet as a current liability. e) Samantha would report her…

10) Furniture Co. owed $880.00 for merchandise plus $20.00 for insurance. The bill was due on May 6 and the owner found he was unable to pay it. To keep a good credit rating, he decided to borrow the necessary amount from a bank that charged 9% discount. The maturity date for the loan was July 5. a) How much must he repay the bank? b) What was the cost of borrowing?

) Samantha and Samuel both have student credit cards issued by VISA. Their credit card statements show they are at their credit card limit of $500 this month. Samantha manages her credit well and ensures that her credit card balance is paid off in full each month before the payment deadline while Samuel cannot manage to pay off the minimum amount required each month. Complete the senterice: For Financial Statement reporting purposes, a) It does not matter where Samantha or Samuel report the $500 as long as it is shown on one of their Financial Statements. b) Both Samantha and Samuel would report their $500 on their Balance Sheet as a current liability. c) Both Samantha and Samuel would report their $500 on their Cash Flow statement as an expense. d) Samantha would report her $500 on her Cash Flow statement as an expense while Samuel would report his credit card debt of 5500 on his Balance Sheet as a current liability. e) Samantha would report her $500 on her Balance Sheet as a…

Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 70% of their face value and then attempts to collect these accounts. During the current year, Bob collected $75,200 on an account with a face value of $90,240. Bob has     debt deduction. He has     of $fill in the blank 3.

Kevin Devlin's credit card company determines his minimum monthly payment by taking 1.25% of any outstanding principal and adding it to any interest charges then rounding up to the nearest dollar. The credit card company charges an interest rate of 0.089% per day on previous balances. On November 12, Kevin used his credit card to pay for the following business expenses: van repairs ($653), equipment maintenance ($275), office supplies ($164), and dinner with clients ($112). (1) Assuming Kevin had no previous balance, determine his minimum payment due on December 1, his billing date. (ii) On December 1, instead of making his minimum payment, found in part (i). Kevin makes a payment of $400. Assuming there are no additional charges, determine Kevin's minimum payment on January 1.

James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1.  DATE   TRANSACTIONS 20X1   Mar. 4   Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days.   11   A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent.   22   Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent.   23   Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent.   25   Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance.   28   Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…

Juanita has good credit and gets the lowest interest rate possible for her credit card. She has a balance of $982 on her January statement. What is her periodic rate?

James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1.  DATE   TRANSACTIONS 20X1   Mar. 4   Mr. Howard borrows $20,000 from the bank on a note payable for the business. Terms of the note are 8 percent interest for 45 days.   11   A 90-day $18,000 note payable to the bank is discounted at a rate of 10 percent.   22   Sold a car to Darnell Jones for $30,000 on a 75-day note receivable, bearing interest at 10 percent.   23   Discounted the Jones note with the bank. The bank charges a discount rate of 12 percent.   25   Sold a car for $30,000 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 10 percent, for the balance.   28   Alfred Herron's account receivable is overdue. Howard requires him to sign a 12…

On May 12, Scott Rinse accepted an $12,000, 12%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 11%. (Use Days in a year table.) What proceeds does Scott receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.