Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $149.10, a payment of $50 posted on March 7, and a purchase of $20.30 posted on March 19. The billing cycle ends March 31. The average daily balance is $ (Type an integer or decimal rounded to the nearest hundredth as needed.) C

Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $149.10, a payment of $50 posted on March 7, and a purchase of $20.30 posted on March 19. The billing cycle ends March 31. The average daily balance is $ (Type an integer or decimal rounded to the nearest hundredth as needed.) C

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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Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $174.70, a payment of $50 posted on March 7, and a purchase of $31.40 posted on March 17. The billing cycle ends March 31.
Suppose the charge account of Black's Mailing Service at the local supply store had a 1.5% interest rate per month on the average daily balance. Find the Black's finance charge on April 1 if Black's had an unpaid balance on March 1 of $104.08, a payment of $15.00 posted on March 11, and a purchase of $28.32 posted on March 21. The billing cycle ends March 31.
Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $138.90, a payment of $50 posted on March 11, and a purchase of $21.70 posted on March 25. The billing cycle ends March 31. The average daily balance is $nothing
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average dally balance. Finally, find the new balance. Previous Balance: $556.32 Billing date: July 9 July 15, Return, $114.45 July 17, Purchase, $98.12 July 25, Purchase, $76.12 August 7, Payment, $110 What is the average daily balance? What is the finance charge? What is the new balance?
Suppose the charge account of Black's Mailing Service at the local supply store had a 1.7% interest rate per month on the average daily balance. Find the Black's finance charge on April 1 if Black's had an unpaid balance on March 1 of $109.33, a payment of $10.00 posted on March 13, and a purchase of $29.82 posted on March 24. The billing cycle ends March 31. The Black's finance charge is S. (Round to the nearest cent as needed.)
A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On Nov. 8 a $1000 charge is made. On Nov. 15 a $900 payment is made. On Nov. 17 a $200 charge is made. On Nov. 21 a $800 charge is made. using the average daily balance method, Caculate the interest charged if the account has a 17.5% rate and the billing period is 30 days.
A credit card balance at the beginning of the month is $6,000. on the fourth day a $200 charge is made. on the tenth day a $1500 payment is made. on the seventeenth day a $200 charge is made, and a $100 payment. on the twentieth day a $500 charge is made. using the average daily balance method, Caculate the interest charged if the account had a 16.5% rate and the billing period is 31 days.
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.9%. The itemized billing for the month of August is shown below The average daily balance has already been computed and is $2739.52. (a) Find the interest due for this month. $ (b) Find the total balance owed on the last day of the billing period. $ (c) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
The credit card with the transactions described in the pop-up below, uses the average daily balance method to calculate interest. The monthly interest rate is 1.7% of the average daily balance calculate parts a-d using a statement in the pop-up. a. Find the average daily balance, for the billing record round to the nearest cent the average daily balance for the billing period is $__? b. Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. The interest to be paid on July 1 is $__? c. Find the balance due on July 1. The balance due on July 1 is $__? d. This credit card requires a $30 minimum monthly payment if the balance due at the end of the billing period is less than $400. Otherwise, the minimum monthly payment is 1/25 of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by July 9? The minimum monthly payment is $__?
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