Question

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 |
$ |

Answer #1

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 $

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
16 through April 15 and the previous balance as $4321.00 [March has
31 days.] Make a chart
b) Find the finance charge if the annual interest rate is
21.5%

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 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...

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...

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

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:

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
$

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-

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 27 minutes ago

asked 51 minutes ago

asked 54 minutes ago

asked 57 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 3 hours ago

asked 3 hours ago