Dallas Pierce's most recent credit card statement follows. Her finance charge is 18% APR. Calculate Dallas's average daily balance, finance charge, and new balance. Note: Round your final answers to the nearest cent. 30-day billing cycle 9/2 9/7 Billing date Payment $ 1,090 Previous balance 9/13 Charge: Kohl's 9/17 Payment $ 300 $ 450 300 Credit Credit 9/28 Charge: WalMart 105 Average daily balance Finance charge New balance

Dallas Pierce's most recent credit card statement follows. Her finance charge is 18% APR. Calculate Dallas's average daily balance, finance charge, and new balance. Note: Round your final answers to the nearest cent. 30-day billing cycle 9/2 9/7 Billing date Payment $ 1,090 Previous balance 9/13 Charge: Kohl's 9/17 Payment $ 300 $ 450 300 Credit Credit 9/28 Charge: WalMart 105 Average daily balance Finance charge 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

Problem 1PS

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Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month’s balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (round your answer to the nearest cent.)
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. Month PreviousMonth'sBalance FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) March $640.00 $ $127.97 $85.00 $
dathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. Month PreviousMonth'sBalance FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) March $640.00 $ $123.97 $75.00 $
You have maxed out your credit card and owe $5,100. Its interest rate is 21%. Each month, you make the minimum required payment of $31. (Round your answers to the nearest cent.) (a) During the September 20 through October 19 billing period, you pay the minimum required payment on October 1. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (b) During the October 20 through November 19 billing period, you pay the minimum required payment on November 11. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (c) During the November 20 through December 19 billing period, you pay the minimum required payment on November 30. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (d) Discuss the impact of making the…
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $647.17 $11.33 $38.45 $85.00 $611.95 May $ $ $284.33 $125.00 $
Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card. She paid the previous month's statement balance in full. The card carries a finance charge rate of 16%. What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy.
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date $ 1,070 previous balance 9/7 Payment $ 260 cr. 9/13 Charge: Kohl’s $ 450 9/17 Payment $ 280 cr. 9/28 Charge: WalMart 95
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. (Round your final answers to the nearest cent.) 30-day billing cycle 9/2 Billing date $ 1,090 previous balance 9/7 Payment $ 300 cr. 9/13 Charge: Kohl’s $ 450 9/17 Payment $ 300 cr. 9/28 Charge: WalMart 105 Average daily balance Finance charge New balance
On the July 5 billing date, David had a credit card balance due of $589.85. The transactions during the following month were: July 6 Payment $270.06 July 19 Charge: auto repair $322.00 August 1 Charge: clothing $122.02 The interest rate on the card is 14.4% per year. Using the average daily balance method, find the finance charge on August 5 (July has 31 days.). Select one: a.$9.02 b.$6.37 c.$9.49 d.$9.37
Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement. Interest Charged Interest Charge on Purchases $6.40 Interest Charge on Cash Advances $4.65 TOTAL INTEREST FOR THIS MONTH $11.05 Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement. Round your answers to the nearest cent. Annual Percentage Balances Subject to Type of Balance Rate (APR) Interest Rate Interest Charge Purchases 15.14% (V) $513.39 $ Cash Advances 22.43% (V) $252.98 $ Balance Transfers 0.00% $637.50 $ Penalty APR 28.99% $ 0.00 $
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $153.98, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $38.34 average daily balance $ finance charge $

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