The balance on Ramon Felipe's credit card on January 19, his billing date, was$313.13. For the period ending February 19, Ramon had the followingtransactions to the right.a) Find the average daily balance for the billing period.b) Find the finance charge to be paid on February 19. Assume an interest rateof 1.2% per month.c) Find the balance due on February 19.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 19 is $.(Round to the nearest cent as needed.)c) The balance due on February 19 is $.(Round to the nearest cent as needed.)(...January 21January 25February 6FebruaryCharge:Restaurant mealPaymentCharge:Lawn ornaments12 Charge:Microwave oven$54.94$170.00$57.29$112.78

Computation of total balance Period Transaction Transaction value No. of days Balance Total…

Answered: The balance on Ramon Felipe's credit…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The balance on Ramon Felipe's credit card on January 17,his billing date, was $362.79. For the period ending February 17,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 17.Assume an interest rate of 1.2% per month. c) Find the balance due on February17.
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.6% of the average daily balance. A. Find the average daily balance for the billing period. B.Find the interest to be paid on july 1, the next billing date. C.Find the balance due on july 1.
The credit card with the transaction described in the popup below uses the average daily balance method to calculate interest.The monthly interest rate is 1.5% of the average daily balance. A.The average daily balance for the billing period. B.Find the interest to be paid on july 1,the next billing date. C.Find the balance due on july 1.
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 $__?
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. A. 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 $__
The activity date, company, and amount for a credit card bill are shown below. The due date of the bill is July 10. On June 10, there was an unpaid balance of $987.81. Find the finance charge if the interest rate is 1.9% per month. (Round your answer to the nearest cent.)
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. a. Find the average daily balance for the billing period. Round to the nearest cent.The average daily balance for the billing period is $_ B.Find the interest to be paid on April 1, the next billing date.Round to the nearest cent. C.Find the balance due on April 1.
Nancy is reviewing her November credit card statement. Her beginning balance was $605 and she made a $175 payment on November 10. She made purchases of $100 on November 5, $120 on Novemeber 15, and $45 on November 30. Her APR is 14% and the interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit. Answer parts 1 through 5. 1. Find the unpaid balance on November 30 before interest is charged. The unpaid balance before interest is $
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. C.Find the balance due on April 1.
The balance on Ramon Felipe's credit card on January 18, his billing date, was $249.35. For the period ending February 18, 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 18. Assume an interest rate of 1.2% per month. c) Find the balance due on February 18. January 20 Charge: $40.37 Restaurant meal January 25 Payment February 1 Charge: $150.00 $47.49 Lawn ornaments February 2 Charge: $192.01 Microwave oven 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 18 is $ (Round to the nearest cent as needed.) c) The balance due on February 18 is $ (Round to the nearest cent as needed.)
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 in the table to the right. Assume an annual interest rate of 22% on the account and that the billing date is August 1st.
Use the unpaid balance method to find the finance charge on the credit card account for August. The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 21% on the account and that the billing date is August 1st.

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