On May 1, the billing date, Kayla had a balance due of $673.64 on her credit card. In May, Kayla made a purchase of$264.03 on May 6, made a payment of$100 on May 22, and made another payment of$300 on May 28. Determine her finance charge on June 1 using the previous balance method. Assume that the interest rate is 3.15% per month. Then determine Kayla’s new balance on June 1.
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On May 1, the billing date, Kayla had a balance due of $673.64 on her credit card. In May, Kayla made a purchase of$264.03 on May 6, made a payment of$100 on May 22, and made another payment of$300 on May 28. Determine her finance charge on June 1 using the previous balance method. Assume that the interest rate is 3.15% per month. Then determine Kayla’s new balance on June 1.
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- 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?n August 1, Felix’s credit card has a balance of $1,125.25. According to the terms of the card’s lending agreement, an interest rate of 14% per year is assessed and the monthly finance charges are calculated using the Average Daily Balance (ADB) including purchases method. During the month, Felix expects to make the purchases listed below and will make a payment of $84.39 on August 23, and has collected the following additional information: Date Purchases August 6 $245.31 August 13 1,940.83 August 21 130.41 August 26 212.85 Additional Information Monthly interest rate 1.17% Beginning card balance $1,125.25 Days in the month 31 Use the following table to help Felix estimate his monthly interest charge for August. Dates Number of Days Daily Balance Calculated Value 8/2 - 8/6 5 $1,125.25 $ 8/7 - 8/13 7 8/14 - 8/21 8 8/22 - 8/23 2 8/24 - 8/26 3 8/27 - 8/1 6 $ Total 31 Average Daily Balance With Purchases $ Finance Charge $ One way by which Felix can increase his finance…Susan has a credit card with an APR of 7.2%. For the billing period ending on June 5, average daily balance (ADB) on her credit card was $100.31. What is monthly finance charge for that billing cycle?
- On May 6, May Payment makes a purchase of $258.50 on her credit card. The purchase appears on her monthly statement issued May 18. May does not pay for the purchase by the due date indicated on her May statement. Her next monthly statement is issued on June 18. Calculate the interest she is charged for her purchase on her June statement. Assume her lending institution charges her an annual interest rate of 19.75%, and she has an interest-free period of 21 days.On September 14, Jennifer Rick went to Park Bank to borrow $3,000 at 8.5% interest. Jennifer plans to repay the loan on January 27. Steven Linden met Jennifer Rick at Park Bank and suggested she consider the loan on exact interest. Calculate the loan for Jennifer under this assumptionOn the April 5 billing date, Michaelle Chappell had a balance due of $978.09 on her credit card. From April 5 through May 4, Michaelle charged an additional $454.12 and made a payment of $600. a) Find the finance charge on May 5, using the previous balance method. Assume that the interest rate is 1.5% per month. b) Find the new balance on May 5.
- Mr. VanJergen's credit card uses the average daily balance method for calculating interest. His balance for the first 12 days of October was $850.00. His balance for the rest of October was $2,495.00. What was his average daily balance?On May 1, the balance on your credit card is $573.26. On May 6, you make a purchase for $102.55. On May 9, you make a payment of $300. On May 17, you make a purchase for $22.16, and on May 28, you make a purchase for $41.78. Assume the billing date is the 1st of the month and the monthly finance charge is 2%. What is the average daily balance? $ What is the monthly finance charge? $ What is the balance at the start of the next month? $The balance on Ramon Felipe's credit card on January 20, his billing date, was $205.12. For the period ending February 20, Ramon had the following transactions to the right. a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 20. Assume an interest rate of 1.2% per month. c) Find the balance due on February 20. a) The average daily balance for the billing period was $ (Round to the nearest cent as needed.) b) The finance charge to be paid on February 20 is $ (Round to the nearest cent as needed.) c) The balance due on February 20 is $ (Round to the nearest cent as needed.) January 23 January 29 February 7 February 9 Charge: Restaurant meal Payment Charge: Lawn ornaments Charge: Microwave oven $47.21 $160.00 $57.92 $127.22
- The due date on Gabrielle's credit card is the 8th day of each month. Gabrielle's unpaid credit card balance on July 8th is $2,750. From July 9th to August 8th, she charged an additional $320 and made a payment of $400. Assuming the annual interest rate on her card is 11% and the finance charge is calculated using the unpaid balance at the end of the billing cycle, find the total unpaid balance on Gabrielle's card on August 8th. Balance = $ What additional finance charge will be added to her August balance after the 8th? Finance chargeOn 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? $i will be attaching the 1st question as asked but kindly answer the second question only. thanks! 1. On May 6, May Payment makes a purchase of $258.50 on her credit card. The purchase appears on her monthly statement issued May 18. May does not pay for the purchase by the due date indicated on her May statement. Her next monthly statement is issued on June 18. Calculate the interest she is charged for her purchase on her June statement. Assume her lending institution charges her an annual interest rate of 19.75%, and she has an interest-free period of 21 days. 2. If the new balance on a monthly credit card statement is $157.42, and if the minimum monthly payment corresponds to at least 5% of the ending balance or $10, whichever is greater, calculate the minimum monthly payment.