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 answers to the nearest cent.) $200 balance, 15%, $50 payment (a) previous balance method $2.77 x (b) adjusted balance method $ 2.00 X (e) average daily balance method $233 x

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 answers to the nearest cent.) $200 balance, 15%, $50 payment (a) previous balance method $2.77 x (b) adjusted balance method $ 2.00 X (e) average daily balance method $233 x

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

Problem 1PS

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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.) PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,470.00 % 1 1/4 % $ $1,334.98 $200.00 $
2. Given the following information about a credit card account, determine the average daily balance for the period, then determine the finance charge if the interest is 1.5% of the average daily balance, and then find the new balance at the end of the period. Previous Balance - $228.95 January 27 - Billing Date February 9 - Charge - $11.08 February 13 - Returns - $26.54 February 20 - Payment - $29 February 25 - Charge - $71.19 3. Find the annual percentage rate using the annual percentage rate table for the following. Amount Financed: $4500 Finance Charge: $1220 No. of Monthly Payments: 48 4. James buys a used car costing $12,800 with a $500 down payment and loan payments of $399 a month for 36 months. Determine the amount financed, the total installment cost, the total interest paid, and the APR on the loan.
Assume that you start with a balance of $630 on your credit card. During the first month, you charge $180 and make a payment of $400. During the second month, you charge $100 and make a payment of $320. Assume that your credit card charges a 20% APR. Complete the following table. (Round your answers to the nearest cent.) Previous Balance Finance Charge (+) Purchases (+) Payments (-) New Balance Month 1 Month 2
Use average daily balance method to compute finance charge on credit card account for August, 31 days. The starting balance from previous month is $290. Transactions are shown below. Assume annual interest rate of 25% on the account and the billing date is august 1st. 8/3-payment of $74 8/6-charged $150 8/21 charged $20 8/28 charged $26
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 answers to the nearest cent.) $3,000 balance, 11%, $90 payment (a) previous balance method $ Correct: Your answer is correct. (b) adjusted balance method $ Incorrect: Your answer is incorrect. (c) average daily balance method $ Incorrect: Your answer is incorrect.
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Previous Balance Percentage Rate (APR) Charge (in $) and Balance Rate Credits (in $) (as a %) $15.00 12% % $177.40 $45.00
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You have a credit card that charges an interest rate of 14.85% compounded monthly using the average daily balance method. The table below shows your activity for the month of July. Activity Beginning Balance Purchase Date July 1 July 9 July 14 Payment July 15 Purchase July 16 Purchase July 26 Purchase July 31 Ending Balance Amount 47.81 -225.00 82.38 18.15 38.8 Balance 697.52 745.33 520.33 602.71 620.86 659.66 659.66 What is the average daily balance for this account? What is the finance charge for the month of July?
Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of April are given to the right. Assume an annual interest rate of 18% The finance charge is $ (Round to the nearest cant as needed.) Month: April (30 days); previous month's balance: $300 April 5 April 16 April 20 April 28 Charged $82 for a coat Made payment of $250 Charged $174 for DVDs Charged $47 for groceries
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
Which of the following is TRUE? O An American call option on a stock should never be exercised early O An American call option on a stock should be exercised early when dividends are expected O It can sometimes be optimal to exercise early an American call option on a stock even when no dividends are expected and there is no liquidity or portfolio rebalancing need. O An American call option on a stock should never be exercised early when no dividends are expected << Previous Next ▸
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

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