Question

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

Answer #1

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:...

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

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...

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...

What is the average billing daily balance and finance charge
(APR 15%) for the revolving credit account (assume a 30 day billing
cycle)?
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:

An unpaid credit card bill for $876.25 had a due date of
February 10. Purchases of $189.67 were made on February 15, $404.58
on February 16, $11.80 on February 18, and $63.23 was charged on
February 25. A payment of $375 was made on March 2. The annual
interest on the average daily balance is 19.2%. Find the finance
charge (in dollars) on the March 10 bill. Assume it is a non-leap
year. (Enter a number. Round your answer to...

Your credit card charges 20% interest and the billing cycle
starts on the 1st. The table below shows the beginning
balance, charges and payments to the credit card. Your card uses
the average daily balance method. Fill out the chart
and then determine the service charge for the month of July.
Days on which the balance is valis
Balance from end of June
200
Charge July 4
300
Payment July 16
400
Charge July 20
100

The following is Justin’s credit card statement for November.
Fill in the balance column and calculate the finance charge, using
the Average Daily Balance method, given a billing cycle of 30 days,
and an APR of 21%.
date
Purchase
Payment
Balance
11/1
420.00
11/8
75.50
………
11/13
90.00
………
11/18
67.80
………
11/22
120.55
………
11/30
……… (F.Charge)
………

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 Balance ?$200
August 8 Charge ?$96
August 16 Payment ?$80
August 17 Charge ?$179
August 23 Charge ?$49
The finance charge is ?$

A credit card account had a $236 balance on March 5. A purchase
of $180 was made on March 12, and a payment of $175 was made on
March 28. Find the average daily balance if the billing date is
April 5. (Round your answer to the nearest cent.)

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