Question

For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6 % per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $434.33 January 12 Billing Date January 15 Returns $104.78 January 22 Clothes $136.55 January 27 Bus tickets $66.55 February 4 Payment $120 February 7 Flowers $62.31 (a) The average daily balance is $ nothing. (Round to the nearest cent as needed.) (b) The finance charge is $ nothing. (Round to the nearest cent as needed.) (c) The account balance for the next billing is $ nothing. (Round to the nearest cent as needed.)

Answer #1

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For the credit card account, assume one month between billing
dates (with the appropriate number of days) and interest of
1.1 %
per month on the average daily balance. Find (a) the average
daily balance, (b) the monthly finance charge, and (c) the
account balance for the next billing.
Previous Balance:
$458.89
January 12
Billing Date
January 15
Returns
$103.48
January 21
Clothes
$116.88
January 25
Bus tickets
$87.56
February 2
Payment
$120
February 8
Flowers
$54.43

The activity on Harvey’s credit card account for one billing
period is shown below. The billing period is Sep 28 through Oct 27,
the previous balance was $4050.06, and the annual interest rate is
18 S Z %. Find the average daily balance, the finance charge, and
the new balance. Sep 30 deposit $900 average daily balance:

The balance on Ramon Felipe's credit card on January
13,
his billing date, was
$ 392.56.
For the period ending February
13,
Ramon had the following transactions at the bottom.
a) Find the average daily balance for the billing period.
b) Find the finance charge to be paid on February
13. Assume an interest rate of 1.2% per month.
c) Find the balance due on February 13.
January 24
Charge:
Restaurant meal
$66.24
January 27
Payment
$110.00
February 22
Charge:...

The activity on Denise Hellings' Sears account for one billing
period is shown below. Find the average daily balance and the
finance charge if the billing period is March 1 through March 31,
the previous balance was $153.59, and the annual simple interest
rate is 21%. (Round your answers to the nearest cent.)
March 5
payment
$50.00
March 17
tools
$31.17
average daily balance
$
finance charge
$

On the December 8 billing date, Hakeem had a balance due of
$617.91 on his credit card. The transactions during the following
month were:
December 10 Charge: football tickets $170.24
December 12 Payment: $93.12
January 3 Charge: restaurant meal $53.36
The interest rate on the card is 16% per month. Using the
average daily balance method, find the finance charge and the
balance due on January 8

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.) $400 balance, 14%, $50
payment
(a) previous balance method
(b) adjusted balance method
(c) average daily balance method

The credit card with the transactions described on the right
uses the average daily balance method to calculate interest. The
monthly interest rate is 2.5% of the average daily balance.
Calculate parts a-d using the statement on the right.
statement:
Transaction description
Transaction amount
Previous Balance $6210.00
March 1 Billing date
March 5 payment
$400.00 credit
march 7 charge: Restaurant
$50.00
March 12 charge: Groceries
$70.00
March 21 charge: car repairs
280.00
March 31 End of billing period
Payment Due...

Use the average daily balance method to compute the finance
charge on the credit card account for the previous month. The
starting balance and transactions on the account for the month of
April are given to the right. Assume an annual interest rate of
18%.
Month: April (30 days); previous month's balance: $480
April 11
Charged $70 for a coat
April 17
Made payment of $120
April 20
Charged $138 for DVDs
April 29
Charged $38 for groceries

Use the unpaid balance method to find the finance charge on the
credit card account. Last? month's balance, the? payment, the
annual interest? rate, and any other transactions are given.
Last? month's balance, ?$410
?Payment, ?$260
Interest? rate, 18.1?%
Bought plane? ticket, ?$100
Bought? luggage, ?$120
Paid hotel? bill, ?$185
The finance charge is ?$
?(Round to the nearest cent as? needed.)

The activity on Marny Zell's MasterCard account for one billing
period is shown below. Find the average daily balance and the
finance charge if the billing period is June 26 through July 25,
the previous balance was $392.17, and the annual interest rate is
19.5%. June 30 payment $200.00 July 2 gasoline $39.97 July 10
restaurant $53.00 average daily balance $ finance charge $

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