Homework Answers
| Calculation of average daily balance for the month of August | |||||
| Credit card balance | From | To | No.of days | ||
| A | B | A*B | |||
| $230 | 31-Jul | 08-Aug | 8 | $1,840.00 | |
| $314 | 08-Aug | 18-Aug | 10 | $3,140.00 | |
| $254 | 18-Aug | 20-Aug | 2 | $508.00 | |
| $440 | 20-Aug | 24-Aug | 4 | $1,760.00 | |
| $465 | 24-Aug | 31-Aug | 7 | $3,255.00 | |
| Total | $10,503.00 | ||||
| / 31 days | 31 | ||||
| Average Dialy balance for the month of August | $338.81 | ||||
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Using the average daily balance method and the information given, find the credit card average daily...
Please show the work. 12. Using the average daily balance method and the information given, find...
Please show the work.
12. Using the average daily balance method and the information given, find the credit card finance charge for the month of August (31 days). The annual interest rate is 18%. July 31 August 14 August 16 August 18 August 23 Balance Charge Payment Charge Charge $220 $93 $210 $142 $43 The finance charge is $ (Round to the nearest cent.)
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...
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...
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 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.)...
(b)Find the average daily balance. Write your answer to the nearest cent. (c)Suppose the credit card...
(b)Find the average daily balance. Write your answer to the
nearest cent.
(c)Suppose the credit
card company charges an interest rate of 1.3% on the average daily
balance for November found in part (b). How much interest will be
charged? Write your answer to the nearest cent.
(d)What will Sam's beginning balance be for the month of
December (including the interest for November found in part
(c))?
Here is Sam's credit card statement for the month of November. Date Transaction...
MS ISL. 13 PLS DU For the credit card account, assume one month between billing dates...
MS ISL. 13 PLS DU For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 15% per month on the average daily balance. Find (a) the average daily balance. (b) the monthly financ charge, and (c) the account balance for the next billing Previous Balance 5779.55 July 8 Billing Date July 18 Payment $300 July 27 Lunch S45 36 August 4 Concert tickets $89.86 (a) The average daily balance is...
Assume the following: Melita carried an average daily balance of $937 on her credit card this...
Assume the following: Melita carried an average daily balance of $937 on her credit card this month. Her previous balance last month was $1,717, compared to a balance of $227 this month. There are 30 days in this billing cycle and Melita always makes a payment on the fifteenth of the month. Based on this information, calculate the monthly interest charges for credit card accounts charging 14 percent, 16 percent, and 18 percent interest. Complete the following chart. Since the...
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...
A credit card bill for $559 was due on September 14. Purchases of $289 were made...
A credit card bill for $559 was due on September 14. Purchases of $289 were made on September 19, and $18 was charged on September 28. A payment of $250 was made on September 25. The annual interest on the average daily balance is 21.5%. Find the finance charge due (in dollars) on the October 14 bill. (Use 365 for the number of days in a year. Enter a number. Round your answer to the nearest cent.)
Please show the work.
12. Using the average daily balance method and the information given, find the credit card finance charge for the month of August (31 days). The annual interest rate is 18%. July 31 August 14 August 16 August 18 August 23 Balance Charge Payment Charge Charge $220 $93 $210 $142 $43 The finance charge is $ (Round to the nearest cent.)
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 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...
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 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.)...
(b)Find the average daily balance. Write your answer to the
nearest cent.
(c)Suppose the credit
card company charges an interest rate of 1.3% on the average daily
balance for November found in part (b). How much interest will be
charged? Write your answer to the nearest cent.
(d)What will Sam's beginning balance be for the month of
December (including the interest for November found in part
(c))?
Here is Sam's credit card statement for the month of November. Date Transaction...
MS ISL. 13 PLS DU For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 15% per month on the average daily balance. Find (a) the average daily balance. (b) the monthly financ charge, and (c) the account balance for the next billing Previous Balance 5779.55 July 8 Billing Date July 18 Payment $300 July 27 Lunch S45 36 August 4 Concert tickets $89.86 (a) The average daily balance is...
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