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 % of the average daily balance. Calculate parts a-d using the statement on the right. |
Previous balance,
$
March 1 Billing date
March 5 Payment
$
credit
March 7 Charge: Restaurant
$
March 12 Charge: Groceries
$
March 21 Charge: Car Repairs
$
March 31 End of billing period
Payment Due Date: April 9
a. Find the average daily balance for the billing period. Round to the nearest cent.
b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent.
c. Find the balance due on April 1.
D. This credit card requires a $10 minimum monthly payment if the balance due at the end of the billing period is less than $360. Otherwise, the minimum monthly payment is
of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by April 9?
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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...
The credit card with the transactions described in the popup below uses the average daily balance...
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interost rate is 1.6 % of the average daily balance. Calculate parts a d using the statement in the popup Cick the icon to view the credit card statement a. Find the average daily balance for the billing period Round to the nearest cont The average daly balance for the biling period is $ (Round to the nearest...
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...
The credit card with the transactions described in the popup below uses the average daily balance...
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.3% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement a. Find the average daly balance for the billing period. Round to the nearest cont. The average daily balance for the billing period is (Round to the nearest cent as needed.)...
8.8.3 Skill Builder Question Help The credit card with the transactions described in the popup below...
8.8.3 Skill Builder Question Help The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.4% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ ....
On February 3, the billing date, Carol Ann Bluesky had a balance due of $125.96 on...
On February 3, the billing date, Carol Ann Bluesky had a balance due of $125.96 on her credit card. Her bank charges an interest rate of 1.25% per month and uses the average daily balance method. She made the transactions described in the table during the month a) Find Carol Ann's average daily balance for the billing period from February 3 to March 3 Assume it is not a leap year. b) Find the finance charge to be paid on...
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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...
Find the average daily balance for the credit card with the following transactions. Assume one month...
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average daily balance. Finally, find the new balance Previous Balance $459.21 Billing Date May 17 Date Transaction Amount May 19 Return $ 62.45 May 25 Purchase $134.76 May 28 Purchase $ 45.65 June 3 Payment $175 The average daily...
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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...
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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...
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interost rate is 1.6 % of the average daily balance. Calculate parts a d using the statement in the popup Cick the icon to view the credit card statement a. Find the average daily balance for the billing period Round to the nearest cont The average daly balance for the biling period is $ (Round to the nearest...
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...
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.3% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement a. Find the average daly balance for the billing period. Round to the nearest cont. The average daily balance for the billing period is (Round to the nearest cent as needed.)...
8.8.3 Skill Builder Question Help The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.4% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ ....
On February 3, the billing date, Carol Ann Bluesky had a balance due of $125.96 on her credit card. Her bank charges an interest rate of 1.25% per month and uses the average daily balance method. She made the transactions described in the table during the month a) Find Carol Ann's average daily balance for the billing period from February 3 to March 3 Assume it is not a leap year. b) Find the finance charge to be paid on...
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...
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average daily balance. Finally, find the new balance Previous Balance $459.21 Billing Date May 17 Date Transaction Amount May 19 Return $ 62.45 May 25 Purchase $134.76 May 28 Purchase $ 45.65 June 3 Payment $175 The average daily...
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...
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...
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