You have a credit card that charges an interest rate of 14.85% compounded monthly using the average dailybalance method. The table below shows your activity for the month of July.ActivityBeginning BalancePurchaseDateJuly 1July 9July 14PaymentJuly 15PurchaseJuly 16PurchaseJuly 26PurchaseJuly 31 Ending BalanceAmount47.81-225.0082.3818.1538.8Balance697.52745.33520.33602.71620.86659.66659.66What is the average daily balance for this account?What is the finance charge for the month of July?

Name: You have a credit card that charges an interest rate of 14.85% compou
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Description: You have a credit card that charges an interest rate of 14.85% compounded monthly using the average dailybalance method. The table below shows your activity for the month of July.ActivityBeginning BalancePurchaseDateJuly 1July 9July 14PaymentJuly 15

Credit cards provide short term credit and can be later with interest and credit cards are used now…

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balance method. The table below shows your activity for the month of July. Date July 1 July 9 July 14 July 15 Activity Beginning Balance Purchase Payment Purchase Purchase Purchase July 16 July 26 July 31 Ending Balance Balance 697.52 47.81 745.33 -225.00 520.33 82.38 602.71 18.15 620.86 38.8 659.66 659.66 Amount

balance method. The table below shows your activity for the month of July. Date July 1 July 9 July 14 July 15 Activity Beginning Balance Purchase Payment Purchase Purchase Purchase July 16 July 26 July 31 Ending Balance Balance 697.52 47.81 745.33 -225.00 520.33 82.38 602.71 18.15 620.86 38.8 659.66 659.66 Amount

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.9%. The itemized billing for the month of August is shown below The average daily balance has already been computed and is $2739.52. (a) Find the interest due for this month. $ (b) Find the total balance owed on the last day of the billing period. $ (c) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.1%. The itemized billing for the month of August is shown below. Detail Date Amount Unpaid balance August 1 $395 Charge August 9 $1040 Charge August 10 $800 Charge August 18 $1115 Payment received August 25 $710 Last day of billing period August 31 Payment due date September 7 (a) Find the average daily balance. $(b) Find the interest due for this month. $(c) Find the total balance owed on the last day of the billing period. $(d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. A. Find the interest to be paid on july 1, the next billing date. Round to the nearest cent. The interest to be paid on july 1 $__
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?
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. A. find the balance due on April 1 $_
You have a credit card that charges an interest rate of 14.85% compounded monthly. The table below shows your activity for the month of April. Date April 1 April 2 April 7 Payment April 11 Purchase April 25 Purchase April 28 Purchase April 30 Ending Balance Activity Beginning Balance Purchase $ Amount 39.40 -225.00 79.25 19.00 48.80 Balance 675.00 714.40 489.40 568.65 587.65 636.45 636.45 What is the average daily balance for this account? What is the finance charge for the month of April?
You 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?
You have a credit card that charges an interest rate of 18.55% compounded monthly. The table below shows your activity for the month of April. Date April 1 April 6 April 7 Payment April 8 Purchase April 18 Purchase April 20 Purchase April 30 Ending Balance Activity Beginning Balance Purchase $ Balance 1,375.00 45.80 1,420.80 -250.00 1,170.80 89.75 1,260.55 18.00 1,278.55 63.80 1,342.35 1,342.35 What is the average daily balance for this account? $ Amount What is the finance charge for the month of April?
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.2% of the average daily balance. a. Find the average daily balance for the billing period. Round to the nearest cent The average daily balance for the billing period is $__
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 august
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement in the popup. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $__?
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 $___

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