Question

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:

Answer #1

Calculation of the average daily balance , finance charge and new balance | |||||

Date | Number of days | Daily Balance | Calculated Value | ||

28-Sep | 29-Sep | 2 | $4,050.06 | $8,100.12 | |

30-Sep | 27-Oct | 28 | $3,150.06 | $88,201.68 | |

Total | 30 | $96,301.80 | |||

/ No.of days in billing cycle | 30 days | ||||

Average Daily balance |
$3,210.06 | ||||

Finance charge [Average daily balance x 18% x 30 days / 365
days] |
$47.49 | ||||

Average daily balance = |
$3,210.06 |
||||

Finance Charge = |
$47.49 |
||||

Credit card new balance = |
$3,197.55 |

The activity on Marny Zell's MasterCard account for one billing
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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 $

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
$

The activity on Charlie Wilson's Visa account for one billing
period is shown below. Find the average daily
balance and the finance charge if the
billing period is November 11 through December 10, the previous
balance was $643.49, and the annual interest rate is 20%.
November 15 payment $100.00
November 28 office supplies $28.73
December 1 toy store $316.65
the answer for average daily balance is NOT
438.82.
Thanks. In addition, I believe the office supplies and toy store
amounts...

3. The activity on Rusty Gates' MasterCard account for one
billing period is shown below
March 23 sporting goods $124.00
April 2 payment $1200.00
April 10 bookstore $246.00
a) Find the average daily balance if the billing period is March
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For the credit card account, assume one month between billing
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daily balance, (b) the monthly finance charge, and (c) the
account balance for the next billing. Previous Balance: $434.33
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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.
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$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 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.
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b) Find the finance charge to be paid on February
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c) Find the balance due on February 13.
January 24
Charge:
Restaurant meal
$66.24
January 27
Payment
$110.00
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Charge:...

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Billing
Previous
Payment
Payment
New Charge New Charge
Date
Balance
Date
Amount
Date
Amount
4/15
$335.50
4/20
$33.55
4/25
$12.50
4/26
$108
Ave daily balance:
Finance Charge:

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April 17
Made payment of $120
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