Concept explainers
(a)
To calculate: The finance charge and new balance if the annual percentage rate is
(b)
To calculate: The finance charge and new balance if the annual percentage rate is
(c)
To calculate: The finance charge and new balance if the annual percentage rate is
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Contemporary Mathematics for Business & Consumers
- Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date October 3 October 7 October 10 October 16 October 25 average daily balance = $ Activity Cash advance Payment Purchase Credit Purchase Amount $50.00 $75.00 $27.59 $20.00 $124.60arrow_forwardUse PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472arrow_forwardCalculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) tA Balance: $400 Rate: 14% Payment: $50 Method: Adjusted balancearrow_forward
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