Question

Calculate the
average daily balance and finance charge. (Round your
answers to the nearest cent.) |

30-day billing cycle | |||||||

9/16 | Billing date | Previous balance | $ 1,400 | ||||

9/19 | Payment | $ | 54 cr. | ||||

9/30 | Charge: Home Depot | 1,200 | |||||

10/3 | Payment | 54 cr. | |||||

10/7 | Cash advance | 64 | |||||

Finance charge is 1.25% on average daily balance. |

Average daily balance | $ |

Finance charge | $ |

Answer #1

period | number of days | balance | number of days * balance |

9/16-9/18 | 3 | 1400 | (3*1400)=>4,200 |

9/19-9/29 | 11 | 1400-54 payment=>1,346 | (11*1346)=>14,806 |

9/30-10/2 | 3 | 1346+1200 charge=>2,546 | (3*2,546)=>7,638 |

10/3-10/6 | 4 | 2,546-54 =>2,492 | (4*2,492)=>9,968 |

10/7-10/15 | 9 | 2492+64=>2,556 | (9*2,556)=>23,004 |

30 | total | 59,616 |

average daily balance = $59,616 / 30 days

=>$1,987.20.

finance charge = 1.25%* average daily balance

=>1.25%*1987.20

=>$24.84.

Calculate the average daily balance and finance charge.
(Round your answers to the nearest cent.)
30-day billing cycle
9/16
Billing date
Previous balance
$
3,300
9/19
Payment
$
73
cr.
9/30
Charge: Home Depot
2,150
10/3
Payment
73
cr.
10/7
Cash advance
83
Finance charge is 1.25% on average daily balance.

Calculate the average
daily balance and finance charge. (Round your answers to
the nearest cent.)
30-day billing cycle
9/16
Billing
date
Previous
balance
$
3,000
9/19
Payment
$
70
cr.
9/30
Charge: Home
Depot
2,000
10/3
Payment
70
cr.
10/7
Cash
advance
80
Finance charge is 1.25% on average daily balance.
Average daily
balance-
Finance charge-

Calculate the average daily balance and finance charge.
(Round your answers to the nearest cent.)
30-day billing cycle
9/16 Billing Date
$3100
9/19 Payment
$ 71 cr.
9/30 Charge: Home depot
2050
10/3 Payment
71 cr
10/7 Cash Advance
81
Finance charge 1% on average daily balance
1- average daily balance:
2- Finance charge:

Calculate average daily balance and finance charge (29-day
billing cycle beginning on 9/4) given: Finance charge is 2% of
average daily balance
9/4 Balance
$500
9/13 Payment
20
9/19
Charge
100
Ave daily balance
Total finance charge:

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:

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...

You had recently received your credit card statement and
wish to be sure the finance charge for the billing cycle is
correct. The statement indicated a beginning balance of $600. On
day 5 a charge of $150 had posted to the account, on day 12 a
charge of $300 posted to the account. On day 15 you had made a
payment of $200. Use the below table to calculate the average daily
balance and the finance charge, assuming the interest...

The unpaid balance at the start of a 30-day billing cycle was
$721.98. A purchase of $41.45 was made on day 14. No payment was
made during the billing cycle and a late fee of $42 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 19.44% and interest is calculated by the average daily
balance method.
The unpaid balance...

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 answer to the nearest cent.)
Balance:
$675
Rate:
18%
Payment:
$64
Method:
Average daily balance
$

Round to the nearest cent. The unpaid balance in an account on
December 1 was $103. A payment of $55 was made on December 16. The
interest rate per month was 1.75% per month of the average daily
balance. Find the finance charge for the month of December.
Select one:
a. $2.64
b. $1.21
c. $1.31
d. $0.84

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