A credit card bill for $562 was due on September 14. Purchases of $286 were made on September 19, and $18 was charged on September 28. A payment of $350 was made on September 25. The annual interest on the average daily balance is 21.5%. Find the finance charge due (in dollars) on the October 14 bill. (Use 365 for the number of days in a year. Round your answer to the nearest cent.)

A credit card bill for $562 was due on September 14. Purchases of $286 were made on September 19, and $18 was charged on September 28. A payment of $350 was made on September 25. The annual interest on the average daily balance is 21.5%. Find the finance charge due (in dollars) on the October 14 bill. (Use 365 for the number of days in a year. Round your answer to the nearest cent.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

See similar textbooks

Similar questions

American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
A credit card bill for $559 was due on September 14. Purchases of $289 were made on September 19, and $18 was charged on September 28. A payment of $350 was made on September 25. The annual interest on the average daily balance is 20.5%. Find the finance charge due (in dollars) on the October 14 bill. (Use 365 for the number of days in a year. Round your answer to the nearest cent.)
You get a credit card. The bill for $1024 was due on July 1. Purchases of $315 were made on July 7, and $410 was charged on July 22. A payment of $400 was made on July 15. The interest on the average daily balance is 1.2% per month. Find the finance charge on the August 1 bill.
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 $230. 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. The finance charge for the month of August is $. (Round to the nearest cent as needed.) Date August 6 August 14 August 20 August 25 Transaction Made payment of $85 Charged $140 for hiking boots Charged $17 for gasoline Charged $25 for restaurant meal
A credit card account’s due date is June 9, and the outstanding balance on that day is $460. On that same day, the card holder sends in a payment of $75 and uses the card for a $20 purchase. The card is used again on June 13th and June 24th for purchases of $154 and $54, respectively. If the credit card interest rate on the average daily balance is 2.5% per month, what is the finance charge for the month? Round your answer to the nearest cent.
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.
A credit card account had a balance of $959 on May 5. A purchase of $285 was made on May 17, and a payment of $150 was made on May 20. The interest on the average daily balance is 1.5% per month. Find the average daily balance on the June 5 bill. (Round your answer to the nearest cent.
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 21% on the account and that the billing date is August 1st. (see image for table.) The finance charge for the month of August is $___
The activity date, company, and amount for a credit card bill are shown below. The due date of the bill is July 10. On June 10, there was an unpaid balance of $987.81. Find the finance charge if the interest rate is 1.9% per month. (Round your answer to the nearest cent.)
On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15, and $153 was charged on August 27. A payment of $77 was made on August 15. The interest on the average daily balance is 1.25% per month. Find the finance charge on the September 10 bill. (Round your answer to two decimal places.)
A charge account had a balance of $979 on May 5. A purchase of $222 was made on May 17, and a payment of $175 was made on May 20. The interest on the average daily balance is 1.8% per month. Find the finance charge on the June 5 bill. (Round your answer to the nearest cent.)
A credit card has an average daily balance of $2,861.56 and the monthly periodic rate is 1.295%. What is the finance charge for the month? The finance charge for the month is S (Round to the nearest cent as needed.)