Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle Previous balance Billing date Payment Charge: Home Depot Payment Cash advance 9/16 9/19 $ 1,400 2$ 54 cr. 9/30 1, 200 10/3 54 cr. 10/7 64 Finance charge is 1.25% on average daily balance. Average daily balance Finance charge

Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answer to the nearest cent.) $600 balance, 18%, $550 payment; average daily balance method

A credit card issuer calculates interest using the average daily balance method.  The monthly interest rate is 1.1% of the average daily balance.  The following transactions occurred during the November 1 – November 30 billing period. Transaction Description Transaction Amount Previous balance, $4620.80   November 1         Billing date   November 7         Payment $650.00 credit November 11       Charge: Airline Tickets $350.25 November 25       Charge: Groceries $125.70 November 28       Charge: Gas $38.25 November 30       End of billing period   Payment Due Date:  December 9   Find the average daily balance for the billing period.  Round to the nearest cent. Find the interest to be paid on December 1, the next billing date.  Round to the nearest cent.  Find the balance due on December 1. This credit card requires a $10 minimum monthly payment if the balance due at the end of the billing period is less than $360.  Otherwise, the…

Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) Balance: $350 Rate: 18% Payment: $300 Method: Average daily balance

H5.

A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On Nov. 8 a $1000 charge is made. On Nov. 15 a $900 payment is made. On Nov. 17 a $200 charge is made. On Nov. 21 a $800 charge is made. using the average daily balance method, Caculate the interest charged if the account has a 17.5% rate and the billing period is 30 days.

Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Annual Finance Purchases Payments and New Previous Periodic Percentage Rate (APR) Charge (in $) and Cash Balance Balance Rate Advances Credits (in $) (as a %) $1,027.61 % 1% $322.20 $400.00

uppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $389.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.) Statement of Account Billing cycle: July 1–31 DATE DESCRIPTION OF TRANSACTIONS CHARGES July 04 Kit and Capoodle Pets $109.08 July 08 Payment 61.00 July 16 Cash advance 98.82 July 22 Mountain Vineyards 31.37 July 29 Vu Video (credit) 95.97 $

Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61   1.75%   $322.20 $300.00   Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61   1.75%   $322.20 $300.00   Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate =  APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…

Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Periodic Annual Finance Purchases Payments New Previous Charge and Cash and Balance Percentage Rate (APR) Balance Rate (in $) Advances Credits (in $) (as a %) $1,029.61 % 1.25% $ $322.20 $200.00 $