Ryan Gray, a student at State College, has a balance of $500 on his retail charge...
Ryan Gray, a student at State College, has a balance of $500 on his retail charge card; if the store levies a finance charge of 21% per year, how much monthly interest will be added to his account? Assume that the balance is computed by the average daily balance method. Do not round intermediate calculations. Round the answer to 2 decimal places.
Homework Answers
The monthly interest is the annual interest divided by 12. Thus, an annual interest of 21% is a monthly interest of .21/12 = .0175 or 1.75%.
With a balance of $500, that is $8.75 per month.
If the interest is computed on an Average Daily Balance method, the daily rate is 21%-365 or .0575% per day or 1.725% per 30 days.
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Ryan Gray, a student at State College, has a balance of $500 on
his retail charge...
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Calculate 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 answers to the nearest cent.) $500 balance, 17%, $50 payment (a) previous balance method $ (b) adjusted balance method $ (c) average daily balance method $.
Parker Young recently received his monthly MasterCard bill for the period June 1-30, 2017, and wants...
Parker Young recently received his monthly MasterCard bill for
the period June 1-30, 2017, and wants to verify the monthly finance
charge calculation, which is assessed at a rate of 16 percent per
year and based on ADBs, including new purchases. His outstanding
balance, purchases, and payments are as follows:
Previous
balance:
$317
Purchases:
Payments:
June 4
$255
June 21
$25
June 12
$52
June 20
$110
June
26
$51
What is his ADB for the period? (Use a table...
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...
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5 per On November 1". N o card has a balance of 53,375.75. According to the terms of the cards ending year is assessed and the month and charges are calculated using the Average Daily Balance (ADB) including purchases method During the month, Noah expects to make the purchases listed below and will make a payment of $253.18 on November 25, and has collected the following additional information Date Purchase Nov 15 55.50 November 1963.10 November 1963.10 November 27 447.77...
Question 13 6 pts Use the unpaid balance method to find the finance charge on the...
Question 13 6 pts Use the unpaid balance method to find the finance charge on the credit card account given the following information: last month's balance: $700, payment: $480, interest rate: 21%, bought ring: $210, bought theater tickets: $142, returned vase: $128. Round to two decimals. Next → • Previous
L I CSKI TIU LITIRS > Tiylvia LDVAITASSETTES NAT-110-0A01-MML SP20 Math for Liberal Arts (3 cr)...
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One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a...
One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.95 percent per month interest on the overdue balance. If the current balance is $18,500, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.. 32.16.) Months for account to be paid off
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...
Jamie Lee Jackson, age 24. now a busy full-time college student and part-time bakery clerk, has...
Jamie Lee Jackson, age 24. now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her Income towards savings, which includes accumulating enough money towards the $7.000 down payment she needs to begin her dream of opening a cupcake café. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account....
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Parker Young recently received his monthly MasterCard bill for
the period June 1-30, 2017, and wants to verify the monthly finance
charge calculation, which is assessed at a rate of 16 percent per
year and based on ADBs, including new purchases. His outstanding
balance, purchases, and payments are as follows:
Previous
balance:
$317
Purchases:
Payments:
June 4
$255
June 21
$25
June 12
$52
June 20
$110
June
26
$51
What is his ADB for the period? (Use a table...
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Question 13 6 pts Use the unpaid balance method to find the finance charge on the credit card account given the following information: last month's balance: $700, payment: $480, interest rate: 21%, bought ring: $210, bought theater tickets: $142, returned vase: $128. Round to two decimals. Next → • Previous
L I CSKI TIU LITIRS > Tiylvia LDVAITASSETTES NAT-110-0A01-MML SP20 Math for Liberal Arts (3 cr) - Ryan Melbard Lia Cedillo & | 02/23/205:09 PM Homework: Unit 8 MML Homework Score: 0 of 1 pt 28 of 50 (27 complete) HW Score: 48.67%, 24.33 of 50 13.2.33 Question Help 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...
One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.95 percent per month interest on the overdue balance. If the current balance is $18,500, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.. 32.16.) Months for account to be paid off
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...
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