Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, the annual interest rate, and any other transactions are given. Last month's balance, $400 Payment, $350 Interest rate, 16.7% Bought plane ticket, $100 Bought luggage, $135 Paid hotel bill, $195

Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, the annual interest rate, and any other transactions are given. Last month's balance, $400 Payment, $350 Interest rate, 16.7% Bought plane ticket, $100 Bought luggage, $135 Paid hotel bill, $195

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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Use the unpaid balance method to find the finance charge on the credit card account. Last month's balance, the payment, annual interest rate, and any other transactions are given below. last month's balance $530 payment $320 interest rate 17.8%bought dog $190 bought pet supplies $90 paid vet bill $70 what is the finance charge
Using the daily balance method of calculating interest, how much interest will you owe on a $500 credit card bill that is 3 weeks overdue at interest rate at 20%?
I need help with this chart please
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.2% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $743.26 July 8 Billing Date July 15 Payment July 26 Lunch August 5 Concert tickets $300 $45.35 $87.57 (a) The average daily balance is $ (Round to the nearest cent as needed.)
Kevin Devlin's credit card company determines his minimum monthly payment by taking 1.25% of any outstanding principal and adding it to any interest charges then rounding up to the nearest dollar. The credit card company charges an interest rate of 0.089% per day on previous balances. On November 12, Kevin used his credit card to pay for the following business expenses: van repairs ($653), equipment maintenance ($275), office supplies ($164), and dinner with clients ($112). (1) Assuming Kevin had no previous balance, determine his minimum payment due on December 1, his billing date. (ii) On December 1, instead of making his minimum payment, found in part (i). Kevin makes a payment of $400. Assuming there are no additional charges, determine Kevin's minimum payment on January 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 $
You have a credit card that charges a monthly interest rate of 1.85 %. The table below shows your activity for the month of May. Date May 1 May 3 May 8 May 17 May 20 May 23 May 31 Activity Beginning Balance Purchase 202.62 Payment Purchase Purchase Purchase Closing date Amount 1050.15 32.52 -1050.15 87.19 13.41 68.85 What is the interest charged on the unpaid balance from the previous month? $1050.15 What is the statement balance due for the May billing period? Question Help: Message instructor
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $153.98, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $38.34 average daily balance $ finance charge $
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.) $ X Activity Date June 10 June 11 June 12 June 15 June 16 June 20 June 22 June 28 June 30 July 2 July 8 Company Unpaid balance Jan's Surf Shop Albertson's The Down Shoppe NY Times Sales Cardiff Delicatessen The Olde Golf Mart Lee's Hawaiian Restaurant City Food Drive Credit card payment Safeway Stores Amount 987.81 156.33 45.61 59,84 18.54 23.09 126.92 41.78 100.00 -1000.00 161.38 4
Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $200. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18% on the account and that the billing date is April 1st. ..... Date Transaction April 3 Charged $125 for a coat April 11 Made payment of $142 April 21 Charged $34 for DVDs April 28 Charged $25 for groceries The finance charge for the month of April is $enter your response here.
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $152.72, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $35.43 average daily balance $ finance charge $

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