Question
In: Finance
Calculate average daily balance and finance charge. 6. 6. 29-day billing cycle 9/4 Balance $500 9/13...
Calculate average daily balance and finance charge. 6. 6.
29-day billing cycle
9/4 Balance $500
9/13 Payment 20
9/19 Charge 100
Finance charge is 2% of average daily balance
Solutions
Expert Solution
| Day | Opening balance | Debits | Credits | Closing balance |
| 1 | 500.00 | - | - | 500.00 |
| 2 | 500.00 | - | - | 500.00 |
| 3 | 500.00 | - | - | 500.00 |
| 4 | 500.00 | - | - | 500.00 |
| 5 | 500.00 | - | - | 500.00 |
| 6 | 500.00 | - | - | 500.00 |
| 7 | 500.00 | - | - | 500.00 |
| 8 | 500.00 | - | - | 500.00 |
| 9 | 500.00 | - | - | 500.00 |
| 10 | 500.00 | - | 20.00 | 480.00 |
| 11 | 480.00 | - | - | 480.00 |
| 12 | 480.00 | - | - | 480.00 |
| 13 | 480.00 | - | - | 480.00 |
| 14 | 480.00 | - | - | 480.00 |
| 15 | 480.00 | - | - | 480.00 |
| 16 | 480.00 | 100.00 | - | 580.00 |
| 17 | 580.00 | - | - | 580.00 |
| 18 | 580.00 | - | - | 580.00 |
| 19 | 580.00 | - | - | 580.00 |
| 20 | 580.00 | - | - | 580.00 |
| 21 | 580.00 | - | - | 580.00 |
| 22 | 580.00 | - | - | 580.00 |
| 23 | 580.00 | - | - | 580.00 |
| 24 | 580.00 | - | - | 580.00 |
| 25 | 580.00 | - | - | 580.00 |
| 26 | 580.00 | - | - | 580.00 |
| 27 | 580.00 | - | - | 580.00 |
| 28 | 580.00 | - | - | 580.00 |
| 29 | 580.00 | - | - | 580.00 |
| Total | 100.00 | 20.00 | 15,500.00 | |
| Number of days | 29 | |||
| Average balance | 534.48 | |||
| Interest rate p.a | 24.00% | |||
| Interest to be paid | 10.54 |
Average balance 534.48
finance charge 10.54
please rate.
jeff jeffy answered 1 year agoRelated Solutions
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charge:
(Assume a 30-day billing cycle.)
4.
4/20
Billing date previous balance
$700
4/26
Payment
200
4/30
Charge
400
5/4
Payment
150
5/12
Cash advance
180
APR is 12%
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Date
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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
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?Month: April? (30 days); previous? month's balance: ?$380
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Charged ?$51 for a coat
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Charged ?$29 for groceries
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Use the average daily balance method to compute the finance charge on the credit card account...
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Find the average daily balance for the given credit-card
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Previous balance
$655.39655.39
Jan. 15Jan. 15
Billing Date
Jan. 20Jan. 20
Mail Order
$nbsp 21.91 21.91
Jan. 23Jan. 23
Returns CR
$nbsp 19.45...
A=[ 7 8 -2 -6 7 4 1 ; 2 4 -4 -13 9 9 -12...
A=[ 7 8 -2 -6 7 4 1 ; 2 4 -4 -13 9 9 -12 ; 6 6 0 -9 8 9 -4 ; 1 8
-14 -22 5 8 -1 ; 4 9 -10 -14 7 4 -1]
B=[ 19 4 4 14 -3 -7 -5 ; 21 -6 -5 10 14 -2 4 ; 22 -4 5 13 5 -6 4
; 41 20 0 26 11 -1 -27 ; 29 14 -2 20 3 -4 -19]...
Day 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15...
Day
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Number of Aides Absent
5
8
11
15
4
2
7
1
4
6
14
19
3
5
8
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c. What should it charge for a perpetual subscription if the
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