Homework Answers
| a | Average daily balance | 94.26 | ||
| b | Finance charge | 1.18 | ||
| c | Balance due | 95.44 |
Workings
| From | To | Days | Balance | Days*Balance |
| 3-Feb | 9-Feb | 6 | 125.96 | 755.76 |
| 9-Feb | 10-Feb | 1 | 154.05 | 154.05 |
| 10-Feb | 22-Feb | 12 | 54.05 | 648.60 |
| 22-Feb | 28-Feb | 6 | 115.5 | 693.00 |
| 28-Feb | 3-Mar | 3 | 129.28 | 387.84 |
| TOTAL | 28 | 2639.25 |
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On February 3, the billing date, Carol Ann Bluesky had a balance due of $125.96 on...
Feb. 9 Feb 13 Feb 22 Feb 26 Charge. At supplies Payment Charge: Flowers delivered Charge:...
Feb. 9 Feb 13 Feb 22 Feb 26 Charge. At supplies Payment Charge: Flowers delivered Charge: Music CD $2120 $110.00 $7396 $12 24 On February 3, the billing date, Carol Ann had a balance due of $12363 on her credit card Her bank charges an interest rate of 1.25% per month. She made the transactions described in the table during the month. a) Determine the finance charge on March 3, using the previous balance method. a) The finance charge on...
Sept. 7 Payment $270.00 On September 6, the billing date, Vema had a balance due of...
Sept. 7 Payment $270.00 On September 6, the billing date, Vema had a balance due of $566.39 on her credit card. Assume that the interest rate is 1.1% per month. Suppose that Vema's bank uses the average daily balance method. Answer parts (a) through (d). Sept. 24 Charge: Airline ticket $331.00|| Sept. 27 Charge: Hotel bill $193.01 Oct. 1 Charge: Clothing $83.59 a) Determine Verna's average daily balance for the billing period from September 6 to October 6. The average...
The balance on Ramon Felipe's credit card on January 15, his billing date, was $383.28. For the period ending Febru...
The balance on Ramon Felipe's credit card on January 15, his billing date, was $383.28. For the period ending February 15, Ramon had the following transactions to the right a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 15. Assume an interest rate of 1.2% per month c) Find the balance due on February 15 $33.79 January 16 Charge: Restaurant meal January 30 Payment February 3 Charge: $150.00 $30.61...
The balance on Ramon Felipe's credit card on January 14, his billing date, was $288.37. For...
The balance on Ramon Felipe's credit card on January 14, his billing date, was $288.37. For the period ending February 14, Ramon had the following transactions to the right a) Find the average daily balance for the billing period b) Find the finance charge to be paid on February 14. Assume an interest rate of 12% per month. c) Find the balance due on February 14 January 16 Charge: $37.59 Restaurant meal January 17 Payment February 2 Charge: $180.00 $53.07...
Average Daily Balance
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement on the right.Previous balance, $6320.00March 1 Billing dateMarch 5 Payment$350.00 creditMarch 7 Charge: Restaurant$50.00March 12 Charge: Groceries$100.00March 21 Charge: Car Repairs$280.00March 31 End of billing periodPayment Due Date: April 9a. Find the average daily balance for the billing period. Round to the nearest cent.b. Find the interest to be paid...
Question 1 (8 points) This problem nvolves credit cards that calculate interest using the Average daily balance method. The monthly interest rate is 1.5% of the Average daily balance. Each exercise s...
Question 1 (8 points) This problem nvolves credit cards that calculate interest using the Average daily balance method. The monthly interest rate is 1.5% of the Average daily balance. Each exercise shows transactions that occurred during the March 1-March 31 billing period. In each exercise, a. Fill in the blanks in the table. Then find the Average daily balance for the billing period. Round to the nearest cent. Transaction description Previous balance, $6240.00 March 1 Billing date March 5 Payment...
Score: 0 of 5 pts Instructor-created question The credit card with the Transaction Description ransaction Amount...
Score: 0 of 5 pts Instructor-created question The credit card with the Transaction Description ransaction Amount ransactions described on the right Previous balancel $6280 0 uses the average daily balance method to calculate interest. The annual interest rate is 18% of the average daily balance. Calculate parts a-c using the statement on March 12 C the right arch 1 Billing date arch 7 Charge: Restaurant $60.00 arch 21 Charge: Car Repairs $220 00 March 5 Payment 250.00 credit arge Groceries...
Register Date Transactions Unpaid Balance April 10 1389.21 April 11 April 12 April 13 April 14...
Register
Date
Transactions
Unpaid Balance
April 10
1389.21
April 11
April 12
April 13
April 14
April 15
April 16
April 17
April 18
April 19
April 20
April 21
April 22
April 23
April 24
April 25
April 26
April 27
April 28
April 29
April 30
May 1
May 2
May 3
May 4
May 5
May 6
May 7
May 8
May 9
Perform the following tasks (continued):
Enter your answers in this column.
At the end...
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) $ 1,000 30-day b...
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) $ 1,000 30-day billing cycle Billing date Previous balance Payment Charge: Home Depot Payment 9/16 9/19 9/30 10/3 $ 50 CE 1,000 50 r. 10/7 Cash advance 60 . Finance charge is 1% on average daily balance. Average daily balance Finance charge If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct...
My On the April 12 bing date, Michael Chappell had a balance due of 51058.75 on...
My On the April 12 bing date, Michael Chappell had a balance due of 51058.75 on her credit card. From April 12 through May 11, Michaele changed an additional 537220 and made att 000 Cous) Find the finance change on May 12 using the previous balance method. Assume that the interest rate is 1.1% per month and the new balance on May 12 Ass a) The finance charge on May 12 Round to the nearest cent as needed) Stuw The...
Feb. 9 Feb 13 Feb 22 Feb 26 Charge. At supplies Payment Charge: Flowers delivered Charge: Music CD $2120 $110.00 $7396 $12 24 On February 3, the billing date, Carol Ann had a balance due of $12363 on her credit card Her bank charges an interest rate of 1.25% per month. She made the transactions described in the table during the month. a) Determine the finance charge on March 3, using the previous balance method. a) The finance charge on...
Sept. 7 Payment $270.00 On September 6, the billing date, Vema had a balance due of $566.39 on her credit card. Assume that the interest rate is 1.1% per month. Suppose that Vema's bank uses the average daily balance method. Answer parts (a) through (d). Sept. 24 Charge: Airline ticket $331.00|| Sept. 27 Charge: Hotel bill $193.01 Oct. 1 Charge: Clothing $83.59 a) Determine Verna's average daily balance for the billing period from September 6 to October 6. The average...
The balance on Ramon Felipe's credit card on January 15, his billing date, was $383.28. For the period ending February 15, Ramon had the following transactions to the right a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 15. Assume an interest rate of 1.2% per month c) Find the balance due on February 15 $33.79 January 16 Charge: Restaurant meal January 30 Payment February 3 Charge: $150.00 $30.61...
The balance on Ramon Felipe's credit card on January 14, his billing date, was $288.37. For the period ending February 14, Ramon had the following transactions to the right a) Find the average daily balance for the billing period b) Find the finance charge to be paid on February 14. Assume an interest rate of 12% per month. c) Find the balance due on February 14 January 16 Charge: $37.59 Restaurant meal January 17 Payment February 2 Charge: $180.00 $53.07...
Question 1 (8 points) This problem nvolves credit cards that calculate interest using the Average daily balance method. The monthly interest rate is 1.5% of the Average daily balance. Each exercise shows transactions that occurred during the March 1-March 31 billing period. In each exercise, a. Fill in the blanks in the table. Then find the Average daily balance for the billing period. Round to the nearest cent. Transaction description Previous balance, $6240.00 March 1 Billing date March 5 Payment...
Score: 0 of 5 pts Instructor-created question The credit card with the Transaction Description ransaction Amount ransactions described on the right Previous balancel $6280 0 uses the average daily balance method to calculate interest. The annual interest rate is 18% of the average daily balance. Calculate parts a-c using the statement on March 12 C the right arch 1 Billing date arch 7 Charge: Restaurant $60.00 arch 21 Charge: Car Repairs $220 00 March 5 Payment 250.00 credit arge Groceries...
Register
Date
Transactions
Unpaid Balance
April 10
1389.21
April 11
April 12
April 13
April 14
April 15
April 16
April 17
April 18
April 19
April 20
April 21
April 22
April 23
April 24
April 25
April 26
April 27
April 28
April 29
April 30
May 1
May 2
May 3
May 4
May 5
May 6
May 7
May 8
May 9
Perform the following tasks (continued):
Enter your answers in this column.
At the end...
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) $ 1,000 30-day billing cycle Billing date Previous balance Payment Charge: Home Depot Payment 9/16 9/19 9/30 10/3 $ 50 CE 1,000 50 r. 10/7 Cash advance 60 . Finance charge is 1% on average daily balance. Average daily balance Finance charge If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct...
My On the April 12 bing date, Michael Chappell had a balance due of 51058.75 on her credit card. From April 12 through May 11, Michaele changed an additional 537220 and made att 000 Cous) Find the finance change on May 12 using the previous balance method. Assume that the interest rate is 1.1% per month and the new balance on May 12 Ass a) The finance charge on May 12 Round to the nearest cent as needed) Stuw The...
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