Question
In: Finance
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days...
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.)
$200 balance, 18%, $50 payment
(a) previous balance method
(b) adjusted balance method
(c) average daily balance method
Solutions
jeff jeffy answered 2 months agoRelated Solutions
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days...
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.)
$550 balance, 17%, $500 payment; average daily balance
method.
Credit card finance charge for a period is simple interest charged on the account balance at...
Credit card finance charge for a period is simple interest
charged on the account balance at the end of the period.
Cody Lind’s most recent credit card statement follows. His finance charge is 15% APR. Calculate Cody’s...
Cody Lind’s most recent credit card statement follows. His
finance charge is 15% APR. Calculate Cody’s average daily balance,
finance charge and new balance. (Round your final answers
to the nearest cent.)
30-day billing cycle
9/2
Billing date
$1,060
previous balance
9/7
Payment
$240
cr.
9/13
Charge: Kohl’s
$420
9/17
Payment
$270
cr.
9/28
Charge: WalMart
90
Average daily balance
$
Finance charge
$
New balance
$
Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan...
Calculate the table factor, the finance charge, and the monthly
payment (in $) for the loan by using the APR table, Table 13-1.
(Round your answers to the nearest cent.)
Amount
Financed
Number of
Payments
APR
Table
Factor
Finance
Charge
Monthly
Payment
$9,400
36
13%
$
$
$
Use the average daily balance method to compute the finance charge on the credit card account...
Use the average daily balance method to compute the finance
charge on the credit card account for the month of August (31
days). The starting balance from the previous month is $300. The
transactions on the account for the month are given in the table to
the right. Assume an annual interest rate of 22% on the account
and that the billing date is August 1st.
The finance charge for the month of August is $________?
Date
Transaction
August 66...
Use the average daily balance method to compute the finance charge on the credit card account...
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: $310
The finance charge is $_______?
April 55
Charged
$9898
for a coat
April 1717
Made payment of
$7070
April 2323
Charged
$101101
for DVDs
April 2828
Charged...
Use the average daily balance method to compute the finance charge on the credit card account...
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: ?$380
April 5
Charged ?$51 for a coat
April 8
Made payment of ?$90
April 14
Charged ?$149 for DVDs
April 29
Charged ?$29 for groceries
The finance...
Use the average daily balance method to compute the finance charge on the credit card account...
Use the average daily balance method to compute the finance
charge on the credit card account for the month of August (31
days). The starting balance from the previous month is $220. The
transactions on the account for the month are given in the table to
the right. Assume an annual interest rate of 17% on the account
and that the billing date is August 1st.
The finance charge for the month of August is $___ . (Round to
the...
Use the average daily balance method to compute the finance charge on the credit card account...
Use the average daily balance method to compute the finance
charge on the credit card account for the month of August (31
days). The starting balance from the previous month is $290. The
transactions on the account for the month are given in the table to
the right. Assume an annual interest rate of 18% on the account
and that the billing date is August 1st.
Date
Transaction
August 5
Made payment of
$81
August 6
Charged
$135
for hiking...
In a sample of credit card holders the mean monthly value of credit card purchases was...
In a sample of credit card holders the mean monthly value of
credit card purchases was $ 298 and the sample variance was 53 ($
squared). Assume that the population distribution is normal. Answer
the following, rounding your answers to two decimal places where
appropriate.
A.) Suppose the sample results were obtained from a random
sample of 13 credit card holders. Find a 95% confidence interval
for the mean monthly value of credit card purchases of all card
holders.
B.)...
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