For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the m Previous Balance: $754.46 July 8 Billing Date July 15 July 25 Payment Lunch August 2 Concert tickets $300 $53.79 $76.67 (a) The average daily balance is $. (Round to the nearest cent as needed.) (b) The finance charge is $. (Round to the nearest cent as needed.).

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…

Consider the following credit card activity for the month of September: Date Balance September 1 $0 September 7 $331 September 13 $935 September 21 $1,552 September 25 $ 2,208 If this card's annual APR is 20.9% and the September balance is not paid during the grace period, how much interest is owed for September? There are 30 days in September. Round your answer to the nearest dollar.

Please written by computer source For the period beginning October 14, the average daily balance on Perry’s credit card was $810. If the balance at the end of the cycle was $465 and the APR on the card is 7.5%, what was the balance due on November 14?

Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $300. The transactions on the account for the month are given inthe table to the right. Assume an annual interest rate of 25% on the account and that the billing date is August 1. August 4 made payment of $94.August 14 charged $140 for hiking boots August 17 charged $18 for gasoline August 29 charged $31 for restaurant meal. What is the finance charge for August?

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. Previous Month Month's Balance March $640.00 $ Need Help? Read It Submit Answer Finance Charge (in $) Purchases and Cash Advances Payments and Credits $126.97 $75.00 New Balance End of Month (in $)

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…

You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account. STATEMENT OF ACCOUNT Billing cycle: June 1-30 June 1 Previous month's balance $264.74 Kim's Paints June 6 June 12 June 15 June 28 $288.00 Ⓒ$293.20 Ⓒ$296.63 Ⓒ$334.32 Payment Biggle Supermarket (credit) Lamont's Bikes 54.95 112.00 130.00

Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $121.60 average daily balance = $