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
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5/12
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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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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
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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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