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
Calculate the average daily balance and finance charge: (Assume a 30-day billing cycle.) 4. 4/20 Billing...
Calculate the average daily balance and finance
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%
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...
Find the average daily balance for the given credit-card account. Assume the billing date is the...
Find the average daily balance for the given credit-card
account. Assume the billing date is the same day in each month,
and use the number of days in each month. Then find the finance
charge if interest is
1.11.1%
per month on the average daily balance. Finally, find the balance
at the end of the billing cycle.
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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0.1677
Not computable with information available
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b. What should it charge if you can pass on the subscription to
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perpetuity?
c. What should it charge for a perpetual subscription if the
newspaper expects to raise its...
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