In the same credit card, for the month of December, the customer plans to purchase on Dec 05 an item worth PhP 15,000 and make periodic payments of PhP 4,000 every Monday thereafter. What will be the O/S Balance on January 01, 2021?

In the same credit card, for the month of December, the customer plans to purchase on Dec 05 an item worth PhP 15,000 and make periodic payments of PhP 4,000 every Monday thereafter. What will be the O/S Balance on January 01, 2021?

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

See similar textbooks

Related questions

Q: You wish to have $10,000 on August 1, 2026. You plan to to make monthly deposits into an account…

A: The question is based on the concept of Future value and annuity

Q: On April 26, two notes are discounted at the same rate t .The face of the first note is $7370 with a…

A: A note is a financial instrument that promises to pay a certain sum of money to the holder at the…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: A note is a formal instrument that expresses an obligation to repay a debt to a creditor or an…

Q: The VISA CREDIT CARD charges 3% interest per month on the unpaid balance for purchases made on this…

A: The conceptual formula used:

Q: You have a credit card that charges an interest rate of 1.8% compounded monthly. The table below…

A: WORKINGS- December 1 Beginning Balance 1327.24 LESS-…

Q: You have a credit card that charges an interest rate of 15.8% compounded monthly. The table below…

A: Average daily balance refers to the sum average of days and the amount in the credit card account.

Q: you withdraw hibah at the end of each month. Any positive or negative increment in the mont rates…

A: The concept of Hiba is applicable under Muslim law. One of the ways that Muslims use to divide their…

Q: On May 1, the balance on your credit card is $573.26. On May 6, you make a pur you make a payment of…

A: In credit cards the average daily balance is important and is weighted average balance for the whole…

Q: Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid…

A: Credit cards are used very often now days and credit cards are used for short term credits.Balance…

Q: American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on…

A: When the benefits of compounding over time are taken into account, an effective annual interest rate…

Q: Haatimvopened an RRSP deposit account on December 1, 2008, with a deposit of $1400. He added $1400…

A: Future value is the accumulated sum of money that is invested with the motive to earn a certain…

Q: An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July…

A: Discounts are offered by the seller to collect payment from the buyer in fewer days.

Q: Use the following information for the next two questions. BPI Davao provided the following…

A: A loss allowance is the amount of money that a business sets aside to cover the potential losses…

Q: bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a…

A: Notes are issued by the banks on discount and the customer have to pay the face value on the…

Q: American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on…

A: The annual percentage rate(APR) is the interest rate (nominal rate) determined by the credit card…

Q: nando issued a promissory note on July 29, 2019 to Metrobank amounting to Php 160,000 with interest…

A: Promissory Notes is a written negotiable instrument wherein a person is promised to pay a fixed sum…

Q: (a) During the September 20 through October 19 billing period, you pay the minimum required payment…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Jefrey Yang receives a bill of P30,500 dated January 13 with terms, 7, 5/10 and n/30. What cash…

A: As per payment terms, Jefrey Yang will get 7% discount if paid immediately, 5% discount if paid…

Q: 6. A cheque for RO 2,000 is presented in the clearing on the 20-01-2020 for payment when the balance…

A: Answer When balance in the bank account is insufficient then The overdraft facility may be used to…

Q: You have a credit card with a balance of $1,367.90 at 9.5% APR. You pay $400.00 each month on due…

A: APR(Annual percentage rate) refers to annual cost paid by the borrower for the loan taken which…

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

A: "Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: balance method. The table below shows your activity for the month of July. Date July 1 July 9 July…

A: Credit cards provide short term credit and can be later with interest and credit cards are used now…

Q: On the 02 July 2019 Maxi Trading transferred R30 000 and R50 000 respectively into a fixed deposit…

A: As per the IAS 1 (presentation of financial statement) which describes the layout of presentation of…

Q: Enter the following information into a manual journal with credits/debits:

A: The accrual basis of accounting is the method by which revenues and expenses are recognized when…

Q: What payment should be made on an invoice for $500 dated November 16, carrying terms 4/10, net 30?

A: A commercial document which is used to record the transactions between the buyer and the seller is…

Q: A note that is dated January 1st with a face value of P5000 comes due on March 15th with interest at…

A: Formula: Interest amount = Face value of bond x Interest rate x Time period.

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: What is the total cash discount if an invoice dated March 3

A: Purchase date = March 31 Payment date = April 20 No. of days between March 31 to April 20 = 20

Q: Consider the following credit card activity for the month of September: Date Balance September 1 $0…

A: Interest Expenses:An interest expense is simply the cost that is incurred by an entity for borrowed…

Q: Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on…

A: Compound = n = Monthly = 12Annual Percentage Rate = APR = 19%

Q: A note that is dated January 1st with a face value of P5000 comes due on the owner of the note sells…

A: Discount in credit terms is a method utilized to understand receivables for deal with cash flow…

Q: Master Card and other credit card issuers must by law print the Annual Percentage Rate on their…

A: Effective annual rate(EAR) measures the annual percentage rate over a period of time after giving…

Q: of credit or line of credit. As We Go Bank offers its customers a line-of-credit loan in which each…

A: Line of credit is the on demand business credit and is the short term business credit given by banks…

Q: andyRandy opened an RRSP deposit account on December 1, 2008, with a deposit of $18001800. He…

A: Future value is computed as follows:-whereFV= future valueA= amount investedr= interest raten= time…

Q: On October 24, you plan to purchase a$1500 computer by using one of your two credit cards. The…

A: As per the information provided: Date Cash flow Net balance 1-Oct 0 0 24-Oct -$1500…

Q: The maturity value of the note. b- The due date of the note TRADE DISCOUNT

Q: Find the cash discount and the net price on an invoice for RM580 dated April 17 with terms of 3/10,…

A: Invoice was drawn on April 17 for RM 580 Cash discount = 3% for payment within 10 days Net Price…

Q: An invoice dated January 25 with terms 2/10 -20 X. Find the final discount rate and the next payment…

A: The invoice is dated 25th January. The payment terms are 2/10 -20 X. Which are to be read as 2%…

Q: b) Starting from 1* October 2020 with a fresh bank account, Chong save RM25 into the bank account…

A: Future value is the worth of the current amount in some specified future date at given interest…

Q: Every year on 1st January between 2020 and 2049 inclusive (so 30 times), you deposit $1,000 into a…

A: Future value refers to the value of the investment after compounding interest. Interest is the…

Q: % and the CD duration is 162 days. What is the amount due to th tomer at expiration of the CD? and…

A: Face value=$909.642Interest rate=6%Period=162 days

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.
Answer the following (up to two decimal points) by showing the working calculation. The rates of the months for 2018 are shown in the table below. There are 28 days in February and assume you withdraw hibah at the end of each month. Any positive or negative increment in the monthly rates shown is based on the basic rate. You open a new wadiah account with a deposit of RM5000 on 28.01.2018. You deposit another RM1000 and RM5500 on 13.02.2018 and 30.03.2018 respectively. Again, you deposit another RM1550 on 31.05.2018. Then, you deposit another RM8500 on 10.06.2018 but withdraw RM5000 on 28.06.2018. On 15.12.2018, you withdraw another RM2000 from the account and then withdraw again another RM3250 on 28.12.2018. What will be your total hibah on 30.12.2018? Table 1: Monthly rates Month Rate (%) Jan 4.00%* Feb +0.00% March +0.10% April -0.10% May +0.10% June +0.20% July -0.10% Aug +0.20% Sept +0.10% Oct +0.20% Nov -0.10% Dec +0.00% * Basic rate 2. Suggest two (2) financial instruments or…
Upon checking, the book of Meraki on December 31, 2020 is composed of the following:· Cash on Hand- P50,000· Demand Deposit- P200,000· Time Deposit, 30 days- P100,000· DAIF Check of customer- P4,000· Money market placement (due June 30, 2021)- P150000· Savings Deposit in a closed bank- P10000· IOU from employee- P2000· Pension Fund- P300000· Petty Cash Fund- P1000· Customer’s Check dated January 1, 2022- P5000· Customer’s Check outstanding for 18 months- P4000· Unused credit line- P50000 Additional information: a. P20,000 check was recorded as payment in December 31, 2020 but is mailed on January 5, 2021 to the suppliers. b. On December 31, 2020 a check dated January 15, 2021 of P10,000 in payment of accounts payable was recorded and mailed. c. While the Cash Receipt Journal is open until January 15, 2021, an amount of P40,000 was collected and recorded on December 31, 2020. d. The company uses the calendar year.…
Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 1.75%. The itemized billing for the month of April is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date April 1 April 3 April 11 April 15 April 28 April 30 May 7 Amount 95 755 395 890 845 (a) Find the average daily balance. $ 1,453.17 (b) Find the interest due for this month. $ 25.43 Or (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
Give typing answer with explanation and conclusion CapitalOne and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 21.24%, with interest paid monthly, what is the card's EFF%?
jeremy opened a CD (certificate of deposit) on April 3, 2018 with an interest rate of 4.65% compounded weekly. How much was initially deposited if Jeremy checks his account on December 5, 2018 and discovers the account balance is $3614? Round your answer to the nearest cent.
Your credit card company charges you 2.33 percent per month. What is the APR on your credit card? Enter your answer as a percentage rounded off to two decimal places. Do not enter % in the answer box.
You have a Visa credit card account lemi with a 24.99% annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month. Your credit card balance on June 1 was $252. On June 8th you made a $109 purchase. You made another purchase, a $75 gift card, on June 18th. You made a $100 payment on June 28th. Show your work for all parts of the problem. (a) What is the average daily balance for July? (b) What is your finance charge on the account as of July 1st? (c) What is your new credit card balance?
On November 1, the balance on your credit card is $533.76. On November 6, you make a purchase for $49.30. On November 8, you make a payment of $155. On November 12, you make a purchase for $76.51, and on November 25, you make a purchase for $32.64. Assume the billing date is the 1st of the month and the monthly finance charge is 1.7%. What is the average daily balance? $ What is the monthly finance charge? $ What is the balance at the start of the next month? $
American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 17.25%, with interest paid monthly, what is the card's EFF%? Select the correct answer. a. 18.68% b. 12.88% c. 9.98% d. 24.48% e. 15.78%
WHAT IS THE TOTAL AMOUNT INCLUDED IN THE "TRADE AND OTHER RECEIVABLE"

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS