Calculate the finance charge for a credit card that has the given average daily balance and interest rate. (Round your answer to the nearest cent.) Average daily balance: $116.44; monthly interest rate: 1.15%

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Variables in the question:Balance=$700Rate(r)=17%Payment=$650Assume 365 days in a year

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: We need to use previous balance method to calculate monthly finance charge. Finance Charge using…

Q: Calculate the average daily balance and finance charge on the statement below. Assume 2% finance…

A: Total Amount= Amount * Number of daysTotal Cummulative amount= 6000+2700+3300= 12000

Q: Complete the following table for the simple discount notes. Use the ordinary interest method. (Round…

A: Maturity Value (MV) = $6000 Discount Rate ( r ) = 3.5% Time (n) = 160 days = 160/12 =…

Q: be received and recorded, and that the month is 30 days long. (Round your answers to the nearest…

A: Finance charges are a way for a lender to get compensated for supplying cash or giving credit to a…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A:

Q: Using the unpaid balance method, find the current month's finance charge on a credit card account…

A: The Finance charge is basically the expense or cost which one incurs whether being the individual,…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: To calculate the rebate fraction: Set up the rebate fraction by using the sum-of-the-digits formula.…

Q: a credit card charges 2.3% interest per month on the average daily balance if the unpaid balance is…

A: Interest expenses = Average balance * interest rate Balance due with interest = Unpaid Balance +…

Q: Раyment (4.34% paid Раymer paid (2.74% interest) interest) $29,000 automobile with 10% deposit Total…

A: Cost of automobile = $29,000 where  There is a deposit of 10% or $12,000 Assumed: Loan is taken for…

Q: You have just received credit card applications from two banks, A and B. The interest terms on your…

A: Effective Annual Rate is a modified rate of return where it considers the compounding effect.…

Q: Establish a line of credit with the bank at an intrest rate of 10%. The bank will charge a fee of 1%…

A: Actual cost of line of credit include the interest rate charged by the bank and the establishment…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: We need to use sum of digit method for calculation of rebate fraction. The formula is  Sum of digit…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: An installment loan with a $4,600 principal balance is being paid off early after 33 payments out of…

Q: are the loan department supervisor ban Being paid task to calculate the rebate fraction, the finance…

A: Given information : Amount financed = $4,700 Number of payments = 36 Monthly payment = $165.33…

Q: Find the finance charge for a charge account with an average daily balance of $1213.58 and a monthly…

A: Finance Charge = Average Daily Balance x Monthly Interest rate

Q: dyne heed to buy a refrig and they will need to borrow money in rate). If the refrigerator at Sears…

A: In the add on method we need to calculate the interest for the given period and than we need to…

Q: please step by step solution.

A: To find the current month's finance charge using the unpaid balance method, follow these steps: Step…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: The question is based on the calculation of financial charges on a credit card. The Financial…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Information Provided: Balance = $4000 Rate = 16% Payment = $2500 Days it take for payment = 10 Days

Q: Assume that you start with a balance of $3600 on your credit card. During the first month, you…

A: Given Starting balance is $3600 First month charge is $400 Second month charge is $550

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Given information : Time it takes for payment = 10 days Length of month = 30 days Balance = $475…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Rebate is the amount that is given to the lender in lieu of the interest foregone by the lender on…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Amount financed (F) = $4700 Number of payments = 36 Payments made = 33 Remaining payments = 3…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Loan amount = $4,700Number of payments = 36Monthly payments = $167.33Payments made = 26To find:…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Step 1:Given,10 days to receive and record a payment,30 days long month,Beginning balance is…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Here, Balance of Credit Card is $6,000 Interest Rate is 14% Payment made is $60 It takes 10 days for…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Here, Amount Financed is $1,900 Number of Payments is 18 Payments Made is 14 Remaining Payments is…

Q: A credit card has a $910 balance and a 19.19% annual percentage rate. The minimum required monthly…

A: We will use formula of Outstanding Loan balance to know the balance left after 41 payments :…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Rebate refers to the amount returned by the government to an individual after the payment of a…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Rebate Fraction:- Remaining payment = 36- 32Remaining payment = 4Sum of the digit of n = (n*(n+1))…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Loan refers to the fund which is raised by the lender to the borrower against regular periodic…

Q: How can we calculate the total annual interest payment for a credit card debt of $ 1,000?

A: We should pay the credit card bill by the end of credit free period to avoid interest charges upon…

Q: You are the loan department supervisor for a bank. This installment loan is being paid off early,…

A: Rebate fraction is a fraction that is a widely accepted method for calculating the finance charge…

Q: Suppose your MasterCard calculates interest using the average daily balance method, and the monthly…

A: The average daily balance method is a way to calculate interest charges on a credit account, such as…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Information Provided: Balance = $600 Rate = 18% Payment = $550 Term = 10/30 days

Q: FILA Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10…

A: Given: Particulars Amount Opening balance 350 Interest rate 18% Payment 300 Days 10…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: APR stands for Annual Percentage Rate. It is a measure of the cost of credit, expressed as a yearly…