Calculate the finance charge and new balance using the previous balance method
Previous balance = $179.32
Annual rate = 16%
Finance charge =
New purchases = $117.42
Payments/credits = $85.00
New balance =
Homework Answers
Add previous balance, fiance charge and new purchases and subtract credits.
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Calculate the finance charge and new balance using the previous balance method
I need help calculating the finance charge and new balance using the previous balance method
I need help calculating the finance charge and new balance using the previous balance method.Previous balance = $179.32Annual rate = 16%Finance charge = $ ?New purchases = $117.42Payments/credits = $85.00New balance = $ ?I also need help calculating the unpaid balance, finance charge, and the new balance using the unpaid balance method.Note: interest rate given as a monthly rate.Previous balance = $179.32Payments/credits = $85.00Unpaid balance = $ ?Monthly rate = 1.25%Finance charge = $ ?New purchases = $117.42New balance =...
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Please show the work.
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Chapter 6 Financial Planning Exercise 11 Calculate credit card finance charge 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 17 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous balance: $346 Purchases: Payments: June 4 $278 June 21 $20 June 12 June 20 June 26 a. What...
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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.)
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
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