Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transaction Last month's balance: $255 Last payment: $130 Annual Interest rate: 21% Purchases $556 Returns $117 The finance charge is $ (Round to the nearest cent)
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- Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transactions. Last month's balance:$665 Last payment: $90 Annual Interest rate: 15% Purchases: $446 Returns: $375 The finance charge is $___Using the unpaid balance method, find the current month's finance charge on a credit card account having the following transactions. Last month's balance: $470 Last payment: $60 Annual Interest rate: 21% Purchases: $768 Returns: $467Calculate 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.) $400 balance, 15%, $50 payment (a) previous balance method $ 5 (b) adjusted balance method $ 4.5623 (c) average daily balance method $ 52.19173973X
- Using the unpaid balance method find the current month's finance charge on a credit card account having the following transactions Last month's balance $895 Last payment $230 Annual Interest rate 15% Purchases $464 Returns $862You have a credit card that charges an interest rate of 14.85% compounded monthly using the average daily balance method. The table below shows your activity for the month of July. Activity Beginning Balance Purchase Date July 1 July 9 July 14 Payment July 15 Purchase July 16 Purchase July 26 Purchase July 31 Ending Balance Amount 47.81 -225.00 82.38 18.15 38.8 Balance 697.52 745.33 520.33 602.71 620.86 659.66 659.66 What is the average daily balance for this account? What is the finance charge for the month of July?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 ong. (Round your answers to the nearest cent.) $3000 balance, 17%, $2,500 payment (a) previous balance method (b) adjusted balance method (c) average daily balance method
- A particular credit card calculates interest using the unpaid balance method. The monthly interest rate is 1.57% on the unpaid balance on the first day of the billing period minus any payment. At the beginning of the month you owed $1352. You made a payment of $300. a) Find the interest I=prt (this time t is for one month)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 $240. The transactions on the account for the month are given in the table. Assume an annual interest rate 17% on the account and that the billing date is august 1. 8/5 payment of $89 8/12 charged $130 8/16 charged $27 8/25 charged $26 what is finance charge of augustYou have a credit card that charges an interest rate of 20.6% compounded monthly. The table below shows your activity for the month of April. Date April 1 April 6 April 7 Payment April 13 Purchase April 25 Purchase April 30 Purchase April 30 Ending Balance Activity Beginning Balance Purchase $ Balance 1,075.00 34.80 1,109.80 959.80 1,046.30 1,059.30 1,094.40 1,094.40 Amount -150.00 86.50 13.00 35.10 What is the average daily balance for this account? What is the finance charge for the month of April?
- Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Annual Purchases Payments Monthly Periodic Finance New Previous Percentage Rate (APR) (as a %) Charge (in $) and Cash and Balance Balance Rate Advances Credits (in $) $2,450.00 $1,334.98 $400.00 4Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. (Round dollars to the nearest cent.) Monthly Periodic Annual Finance Purchases Payments New Previous Charge and Cash and Balance Percentage Rate (APR) Balance Rate (in $) Advances Credits (in $) (as a %) $1,029.61 % 1.25% $ $322.20 $200.00 $You have a credit card that charges an interest rate of 21.35% compounded monthly. The table below shows your activity for the month of April. Activity Beginning Balance Purchase Payment Purchase 20 Purchase April 27 Purchase April 30 Ending Balance Date April 1 April 7 April 12 April 14 Amount 36.40 -175.00 99.50 17.00 31.00 Balance 600.00 636.40 461.40 560.90 577.90 608.90 608.90 What is the average daily balance for this account? What is the finance charge for the month of April?