Using the unpaid balance​ method, find the current​ month's finance charge on a credit card account having the following transactions.   Last​ month's balance:​$665 Last​ payment: $90 Annual Interest​ rate: 15​% ​Purchases: ​$446 Returns: $375   The finance charge is $___

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: The average daily balance takes into account the invested or due sum at the end of each day of the…

Q: Assume that you start with a balance of $3900 on your credit card. During the first month you charge…

A: A credit card is a card that is issued by the bank to the users to enable that holder to pay a…

Q: Calculate the average daily balance and finance charge on the statement below. Assume 2% finance…

A: Total Amount= Amount * Number of daysTotal Cummulative amount= 6000+2700+3300= 12000

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: The average daily balance is a common accounting method that calculates interest charges by…

Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: The average daily balance is a method used by credit card companies to calculate the amount of…

Q: alculate the missing information on the revolving credit account. Interest is calculated on the…

A: PreviousBalanceAnnualPercentageRate (APR)MonthlyPeriodicRate(as a %)FinanceCharge(in $)Purchasesand…

Q: On May 1, the balance on your credit card is $573.26. On May 6, you make a pur you make a payment of…

A: In credit cards the average daily balance is important and is weighted average balance for the whole…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: We can determine the missing values using the formula below:

Q: Using the unpaid balance method, find the current month's finance charge on a credit card account…

A: The Finance charge is basically the expense or cost which one incurs whether being the individual,…

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: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: The average daily balance is a common accounting method that sets interest costs by using the…

Q: The credit card with the transactions described in the popup below uses the average daily balance…

A: The average daily balance is a method used by credit card companies to calculate the amount of…

Q: iodic Rate (as a %) Finance Charge (in $) Purchases and Cash Advances Payments and

A: Calculate APR as follows: APR = Monthly rate ×12 =114%×12=1.25%×12=15% Thus , APR id 15%

Q: Use the unpaid balance method to find the Finance charge on the credit card account for April. The…

A: Credit cards are charged on the basis of average daily balance in the account and are charged on the…

Q: Calculate the finance charge for a credit card that has been given an average daily balance and…

A: One technique a credit card issuer uses to determine the finance charges or interest on your card is…

Q: Using the unpaid balance method find the current month's finance charge on a credit card account…

A: Finance Charge refers to the extra amount which is paid on the principal while the instalment of…

Q: Credit Card Statement Transaction Description Previous balance, $2653.02 June 1 Billing date June 6…

A: When a person or a company needs money for the purpose of purchasing something, they can apply for a…

Q: The activity on Denise Hellings' Sears account for one billing period is shown below. Find the…

A: Each day balance in the billing period and no of days are   time period               days…

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: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate = Monthly periodic rate x 12 months Multiplying monthly periodic…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate = Monthly rate x 12 Months

Q: Find the finance charge for a charge account with an average daily balance of $1213.58 and a monthly…

A: Finance Charge = Average Daily Balance x Monthly Interest rate

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Revolving credit refers to a line of credit that is used for borrowing amounts up to a certain…

Q: Calculate the monthly finance charge for the credit card transaction. It takes 10 days for a payment…

A: We will calculate the interest on the basis of simple interest.

Q: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…

A: Here,Last Month Balance is $440Payment is $330Interest Rate is 19.20%Method is Unpaid Balance Method

Q: Use average daily balance method to compute the charge on the credit card account for the previous…

A: Computation:

Q: Calculate the average daily balance and finance charge on the statement below. Note: Round your…

A: Credit cards refer to instruments used to raise debt capital for use where the money is used earlier…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: The question is based on the calculation of financial charges on a credit card. The Financial…

Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: Here's the calculation of the average daily balance for the revolving credit account in October:Step…

Q: Previous Balance $1,021.61 Annual Percentage Rate (APR) % Monthly Periodic Rate (as a %) 1% Finance…

A: Therefore, the Annual percentage rate is 12%.

Q: An unpaid credit card bill for $656.95 had a due date of May 8.  Purchases of $365. were made on May…

A: The question is based on the concept of finance charge calculation for credit card based on the…

Q: Calculate the average daily balance (in $) for October for a revolving credit account with a…

A: Average daily balance is calculated by multiplying the unpaid balance with the number of days then…

Q: The credit card with the itemized billing statement below uses the average daily balance method to…

A: Credit cards are offered by financial institutions to customers to purchase certain items out of…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Information Provided: Balance = $4000 Rate = 16% Payment = $2500 Days it take for payment = 10 Days

Q: Assume that you start with a balance of $3600 on your credit card. During the first month, you…

A: Given Starting balance is $3600 First month charge is $400 Second month charge is $550