Drill Problem 14-7 (Algo) [LU 14-2 (1)]Calculate the average daily balance and finance charge on the statement below.Note: Round your answers to the nearest cent.9/16Billing date9/19Payment9/30Charge: Home Depot10/310/7PaymentCash advanceFinance charge is 1% on average daily balance.Average daily balanceFinance charge30-day billing cyclePrevious balance$ 59 Credit1,45059 Credit69$ 1,900

Step 1: Tracking Daily BalancesThe first step involves tracking the outstanding balance on the…

Answered: Drill Problem 14-7 (Algo) [LU 14-2 (1)]…

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 average daily balance and finance charge. (Round your answers to the near 9/16 Billing date 9/19 Payment 9/30 Charge: Home Depot 10/3 Payment 10/7 Cash advance. 30-day billing cycle 4 Average daily balance Finance charge Previous balance Finance charge is 1% on average daily balance. S 62 cr. 1,600 62 cr. 72 $2,200
5. Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.)30-day billing cycle9/16 Billing date Previous balance $ 2,600 9/19 Payment $ 66 cr. 9/30 Charge: Home Depot 1,800 10/3 Payment 66 cr. 10/7 Cash advance 76 Annual finance charge is 18.5% on average daily balance. Average daily balance $ Finance charge $
Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 9/16 9/19 9/30 10/3 Billing date Payment Charge: Home Depot Payment 30-day billing cycle Previous balance 10/7 Cash advance Finance charge is 1.5% on average daily balance. Average daily balance Finance charge $ 66 Credit 1,800 66 Credit 76 $ 2,600
N. Saving... V O Search (Alt+Q) ngs Review View Help Grammarly The balance on a credit card, that charges a 28.5% APR interest rate, over a 1 month period is given in the following table: Days 1-3: $150 (initial balance) Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? Hint: First, calculate the balance for the 30 days. To do this, take the number of days and multiply it by the balance. What was the balance for the first 3 days? 3($[?]) + ($200) + ($50) Enter
Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 30-day billing cycle 9/16 Billing date Previous balance $ 2,500 9/19 Payment $ 65 Credit 9/30 Charge: Home Depot 1,750 10/3 Payment 65 Credit 10/7 Cash advance 75 Finance charge is 1% on average daily balance. What is the average daily balance? What is the finance charge?
LATION Saved V Mailings Review View Help Grammarly lity: Investigate O Search (Alt+Q) The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: I Days 1-5: $200 (initial balance) Days 6-20: $350 ($150 purchase) Days 21-30: $150 ($200 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth. DELL Enter
calculate the monthly finance charge for the credit card transaction assume that it takes 10 days for the payment to be received and recorded and the month is 30 days long (round your answer to the nearest cent) $675 balance 15%, $625 payment, average daily balance method $___________
Calculate the average daily balance and finance charge on the statement below. Assume 2% finance charge on average daily balance. Note: Round your "Finance charge" to the nearest cent. 7/3 7/18 7/27 30-day billing cycle Balance Payment Charge Walmart Average daily balance Finance charge $ 400 100 250 Credit
Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Purchase(Cash)Price DownPayment AmountFinanced MonthlyPayment Number ofPayments FinanceCharge TotalDeferredPaymentPrice $3,400 20% $ $247.00 12 $ $
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.): 30-day billing cycle 9/16 Billing date. Previous balance. $1,300 9/19 Payment: $53 cr. 9/30 Charge: home depot: $1,150 10/3 Payment: $53 cr. 10/7 Cash advance: $63 Finance charge is 1% on average daily balance. Average daily balance: ? Finance charge: ?
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle 9/16 Billing date Previous balance $ 2,400 9/19 Payment $ 64 cr. 9/30 Charge: Home Depot 1,700 10/3 Payment 64 cr. 10/7 Cash advance 74 Finance charge is 1.25% on average daily balance.
QUESTION 12 A credit card statement shows the following activity Compute the finance charge if 1.5% is charged on the average daily balance. 6/10/2014 Billing Date $157.35 6/20/2014 Payment 6/25/2014 Purchase $ (45.00) $ 52.20 7/2/2014 On-line Purchase $69.00

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