Question

In: Accounting

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 $

Solutions

Expert Solution

Computed as:

Note: In formulas worksheet date column change please consider the answer worksheet for column A.

ekkarill92 answered 1 year ago
Next > < Previous

Related 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.
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
What is the finance charge and APR?
Amount Financed Number of Payments Monthly Payment Finance Charge APR $18,100 72 $426.08 $ % What is the finance charge and APR?
You have a revolving credit account with an 18.59% APR. The finance charge is calculated by...
You have a revolving credit account with an 18.59% APR. The finance charge is calculated by using the average daily balance method. The billing date is the first day of each month, and the billing cycle is the number of days in that month. Your balance forward from March was $325.16. During the month of April, you had the following credit card activity: purchase on April 6 for $32.19; purchase on April 9 for $247.92; refund credit on April 17...
You have a revolving credit account with an 18.59% APR. The finance charge is calculated by...
You have a revolving credit account with an 18.59% APR. The finance charge is calculated by using the average daily balance method. The billing date is the first day of each month, and the billing cycle is the number of days in that month. Your balance forward from March was $325.16. During the month of April, you had the following credit card activity: purchase on April 6 for $32.19; purchase on April 9 for $247.92; refund credit on April 17...
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.
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...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT