Last month the average daily balance on Caitlins credit card was $1854.85 that there were 28 days in that month and her annual interest rate was 17.3% what is the amount of interest that she will pay on her credit card that month

Q: Smith has a credit card that charges 13% annual interest on the monthly average dail his balance was…

A: We have to calculate balance for whole month and than calculate average daily balance and interest.

Q: The following table shows the expenses and payments on a credit card for 3 months, starting with an…

A: Balance = Previous Month's Balance - Payment + Expenses + Interest = Closing BalanceThe table is…

Q: STATEMENT BALANCE. Your credit card statement period CLOSES on the 1st of every month and a new…

A: Statement close date, billing date and payment due dates have been specified. We have to find the…

Q: 2. Mr. Reis has these daily balances on his credit card for his last billing period. He did not pay…

A: Average daily balance is the average of the monthly expenses. The total balance is calculated by…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Finance Charges is Calculated on Opening Value of Payable amount.  = Opening Balance of March * Rate…

Q: Kathy's bank account earns interest at a nominal annual interest rate = 5% compounded semi-anually.…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: Last month, Kaitlin's average daily balance on her credit card was $1,253.38. The annual interest…

A: Given: Average daily balance on credit card "B"= $1253.38 Annual interest rate "r"=15.27% Number of…

Q: 8. On April 1, you opened a savings account at Main Street Savings Bank with a deposit of $817.25.…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: John Smith has a credit card that charges 12​% annual interest on the monthly average daily balance…

A: Accounts receivable is the amount that is raised when the goods are purchased by the customer on…

Q: The quoted annual rate on your credit card is 14 percent, and there is a $30 annual fee. If your…

A: A credit card is a financial tool that allows individuals to borrow funds from a financial…

Q: Juan borrowed 3,841 at 1.32% per month payable in 24 equal end-of-the-month payments. What is the…

A: Solution:- Effective interest rate means the net interest rate for the year after the effect of all…

Q: a credit card charges 2.3% interest per month on the average daily balance if the unpaid balance is…

A: Interest expenses = Average balance * interest rate Balance due with interest = Unpaid Balance +…

Q: Catelyn makes deposits of $1438 at the beginning of every 6 months into an account earning 6.86%…

A: The future value after 2 years can be calculated with the help of future value of annuity due…

Q: Last month, Kaitlin's average daily balance on her credit card was $1,356.44. The annual interest…

A: From the given information, The minimum payment on the card is the interest charge plus 2% of the…

Q: (a) Write an iterative equation for the monthly unpaid balance Un. (b) What level will the unpaid…

A: The "Unpaid Balance" on a credit card refers to the outstanding amount of money that you owe to the…

Q: Kristen’s credit card APR is 25.4% compounded daily. What is her actual interest rate per year?

A: Effective Annual Interest Rate Effective annual interest rate refers to the actual interest rate…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Finance charge is the amount of charge due on balance to be paid. This is normally called as…

Q: The finance charge on Lauren's credit card bill last month was $13.50. Her APR is 18%. What was her…

A: Monthly Periodic rate = APR/Number of months In a year

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Given, Annual Percentage Rate = 21% Previous month balance =$601.88 Formula used: Periodic rate =…

Q: Casey deposits $465 into a savings account earning s 3.05% simple interest. How much interest will…

A: The question is based on the concept of Simple interest

Q: Kristen's credit card APR is 25.4% compounded daily. What is her actual interest rate per yea O…

A: The actual interest rate will be the effective annual rate (EAR). This takes into consideration the…

Q: Ebony would like to determine how much money is in an account each month that earns 5% annually with…

A: Amount deposit by Ebony=$700Rate of interest=5%For month1:Simple interest=P×R×TInterest=700×112×0.05…

Q: A year ago your Aunt Sheri deposited $ 1 comma 000 in a bank account. One year later, there was $ 1…

A: To find the Annual Percentage Rate (APR) compounded monthly, we can use the formula for compound…

Q: Month Unpaid Monthly Principal Total New Interest Payment Payment Balance

A: The question is related to Amortization Schedule. The details are given.

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: You had a balance of $2,100 last month after your payment on your credit card. You charged one pair…

A: Adjusted balance method: Total Balance due    = Beginning balance - Payments paid  + Monthly…

Q: Susie opens a simple interest checking account. After 6 months, her account grew from P5,000 to…

A: Solution:- Interest rate means the rate at which the amount invested grows to give high return of…

Q: John Smith has a credit card that charges 15% annual interest on the monthly average daily balance…

A: Average Daily BalanceThe average daily balance is one of the methods used by credit companies to…

Q: A savings account at your local credit union holds a balance of $5,894 for the entire month of…

A: Simple interest is the amount of interest received on a deposit based on a flat rate. Formula:…

Q: 17. In January, Joanna deposited $250 into her savings account. In February, she deposited an…

A: Solution:- When an amount is invested somewhere, it earns interest.

Q: Joaquin deposits $400 at the end of each month into his bank account. The bank account pays 13.2%…

A: The difference between the future value and present value of money refers to the concept of the time…

Q: What would Jerrod's finance charges be for the month?

A: A credit card is a type of financial instrument that permits users to borrow money for purchases or…

Q: How much will be in Amber's bank account after 2 years if the account pays 8% compounded…

A: Time period = 2 years  Interest rate = 8% Compounded = semi-annually  Semi-annual deposits =$800

Q: Tom deposits $100 to his investment account at the end of each month for the first n month, and $200…

A: We have a series of annuity running for first n months and then another one running over next 2n…

Q: Every month, $600 is deposited into an account earning 0.2% interest a month, compounded monthly.…

A: To determine the amounts in the account right after and right before specific deposits, we can use…

Q: You agree to make 36 deposits of $600 at the beginning of each month into a bank account. At the end…

A: An annuity is a series of fixed amount cash flows at equal time intervals for a specific duration.…

Q: Isabelle makes deposits of $365 monthly (at the end of each month) into an account that pays 1.5%…

A: Annuity refers to series of equalized payments that are either made at start or end of specific…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: A revolving credit account is the kind of account that gives you access to a set limit of money i.e.…

Q: On April 1, Hilda made a $3410 deposit to open a savings account paying 3.5 % compounded daily. She…

A: Interest earned refers to the amount to be earned on the deposited amount over a period of time by…

Q: Kaye deposited $8,500 into a savings account today. For how long can $600 be withdrawn from the…

A:

Q: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…