FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
whats the answer to number 1?
QUESTION 1 You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of $200, in response to which you make a payment of $75. The first month you make charges amounting to $50. You make a payment of $75 to reduce the new balance, and the second month you charge $60. Previous balances, payments and purchases for the months 1 and 2 are given in the table below: Month Previous Balance Payment Purchases Finance Charge New Balance $200 $75 $50 a:$ b:$ 24 $75 $60 C:$ d:$ What are the values of finance charges a, c and the new balances b, d for the months 1 and 2?
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Transcribed Image Text:QUESTION 1 You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of $200, in response to which you make a payment of $75. The first month you make charges amounting to $50. You make a payment of $75 to reduce the new balance, and the second month you charge $60. Previous balances, payments and purchases for the months 1 and 2 are given in the table below: Month Previous Balance Payment Purchases Finance Charge New Balance $200 $75 $50 a:$ b:$ 24 $75 $60 C:$ d:$ What are the values of finance charges a, c and the new balances b, d for the months 1 and 2?
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