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The unpaid balance at the start of a 30-day billing cycle was $749.12. A purchase of $54.68 was made on day 14. No payment was made during the billing cycle and a late fee of $33 was charged to the a...
The unpaid balance at the start of a 30-day billing cycle was $716.64. A purchase of...
The unpaid balance at the start of a 30-day billing cycle was $716.64. A purchase of $48.83 was made on day 14. No payment was made during the billing cycle and a late fee of $40 was charged to the account on day 24. Find the unpaid balance at the end of the billing cycle. Assume that the annual interest rate on a credit card is 19.99% and interest is calculated by the average daily balance method. The unpaid balance...
The unpaid balance at the start of a 30-day billing cycle was $760.71. A purchase of...
The unpaid balance at the start of a 30-day billing cycle was $760.71. A purchase of $40.84 was made on day 13. No payment was made during the billing cycle and a late fee of $40 was charged to the account on day 27. Find the unpaid balance at the end of the billing cycle. Assume that the annual interest rate on a credit card is 20.77% and interest is calculated by the average daily balance method. 7. The unpaid...
2. A particular credit card has an annual interest rate of 25.74% and interest is calculated...
2. A particular credit card has an annual interest rate of 25.74% and interest is calculated by the average daily balance method. The table below describes the activity on this card over a 28-day billing cycle. What is the unpaid balance at the end of this billing cycle, if the initial unpaid balance at the beginning of the cycle is $1472.35? DAY ACTIVITY AMOUNT Purchase $154.15 Purchase $38.76 18 Payment $250 5
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...
Hamed only made the minimum required payment on his credit card in May. Thus he started the next 30-day billing period (...
Hamed only made the minimum required payment on his credit card in May. Thus he started the next 30-day billing period (June 1) with a balance of $587. Hamed used his credit card to book a holiday on June 10 for $2,500, and sent in another payment of $800 on June 25. His annual interest rate is 23%, compounded daily. How much interest will he be charged for the month of June? Using average daily balance method. a) $40.54 b)...
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...
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...
What monthly payment is required to amortize a loan of $35,000 over 10 yr if interest at the rate of 15%/year is charged on the unpaid balance and interest calculations are made at the end of each month
What monthly payment is required to amortize a loan of $35,000 over 10 yr if interest at the rate of 15%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.)
Average Daily Balance: Most credit cards charge interest based on the average daily balance per billing...
Average Daily Balance: Most credit cards charge interest based on the average daily balance per billing cycle. In this case, each balance within the billing cycle is weighted by the number of days it exists. Suppose your credit card has a 30 day billing cycle and the balance for the next 30 days is given in the table below: balance # days Days Transaction (x) (w) 1−7 remaining balance $1200 7 8−13 $150 purchase $1350 6 14−22...
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...
The unpaid balance at the start of a 30-day billing cycle was $716.64. A purchase of $48.83 was made on day 14. No payment was made during the billing cycle and a late fee of $40 was charged to the account on day 24. Find the unpaid balance at the end of the billing cycle. Assume that the annual interest rate on a credit card is 19.99% and interest is calculated by the average daily balance method. The unpaid balance...
The unpaid balance at the start of a 30-day billing cycle was $760.71. A purchase of $40.84 was made on day 13. No payment was made during the billing cycle and a late fee of $40 was charged to the account on day 27. Find the unpaid balance at the end of the billing cycle. Assume that the annual interest rate on a credit card is 20.77% and interest is calculated by the average daily balance method. 7. The unpaid...
2. A particular credit card has an annual interest rate of 25.74% and interest is calculated by the average daily balance method. The table below describes the activity on this card over a 28-day billing cycle. What is the unpaid balance at the end of this billing cycle, if the initial unpaid balance at the beginning of the cycle is $1472.35? DAY ACTIVITY AMOUNT Purchase $154.15 Purchase $38.76 18 Payment $250 5
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...
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 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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