A credit card has an annual interest rate of 16.99 % , and interest is calculated by the average daily balance method. In a 30 -day billing cycle, purchases of $345 .86 and $246 .71 were made on days 9 and 16 , respectively, and a payment of $ 500.00 was credited to the account on day 15 . If the unpaid balance at the start of the billing cycle was $1,792 .19 , how much interest will be charged at the end of the billing cycle? What will the unpaid balance be at the start of the next billing cycle?
A credit card has an annual interest rate of 16.99 % , and interest is calculated by the average daily balance method. In a 30 -day billing cycle, purchases of $345 .86 and $246 .71 were made on days 9 and 16 , respectively, and a payment of $ 500.00 was credited to the account on day 15 . If the unpaid balance at the start of the billing cycle was $1,792 .19 , how much interest will be charged at the end of the billing cycle? What will the unpaid balance be at the start of the next billing cycle?
Solution Summary: The author calculates the interest charged at the end of the billing cycle and the amount of unpaid balance if the credit card has an annual interest rate of 16.99%
A credit card has an annual interest rate of
16.99
%
, and interest is calculated by the average daily balance method. In a
30
-day billing cycle, purchases of
$345
.86
and
$246
.71
were made on days
9
and
16
, respectively, and a payment of
$
500.00
was credited to the account on day
15
. If the unpaid balance at the start of the billing cycle was
$1,792
.19
, how much interest will be charged at the end of the billing cycle? What will the unpaid balance be at the start of the next billing cycle?
Let T be a tree. Prove that if T has a vertex of degree k, then T has at least k leaves.
Homework Let X1, X2, Xn be a random sample from f(x;0) where
f(x; 0) = (-), 0 < x < ∞,0 € R
Using Basu's theorem, show that Y = min{X} and Z =Σ(XY) are indep.
-
Homework Let X1, X2, Xn be a random sample from f(x; 0) where
f(x; 0) = e−(2-0), 0 < x < ∞,0 € R
Using Basu's theorem, show that Y = min{X} and Z =Σ(XY) are indep.
Chapter 3 Solutions
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY