Number 6 a and b plz 10%Up to $10,00015%$10,000 - $40,00025%$40,000 – $85,00030%$85,000 – $150,00035%$150,000 - $400,000t Tracsheet(6) Assume you have a credit card that has a 24% APR and you have an averagedaily balance of $1,500.00.Assume there are 12 equal monthly billing cycles on the credit card.Respond to the following two (2) questions:t Trackirsheet (1)(a) what is the approximate finance charge that you would owe for one month,assuming you did not repay any principal?(b) What is the approximate finance charge that you would owe for one year,assuming you did not repay any principal?sonal Netce Sheetplifiedal.ement(7) What is the definition of Annual Percentage Rate ('APR') for a loan? Why is it typicallydifferent than the stated interest rate?etv11

Finance charge refers tp the borrowing cost of the money involving the fees as well as interest and…

Answered: 6) Assume you have a credit card that…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter15: Managing Short-term Assets

Section: Chapter Questions

Problem 11PROB

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MULTIPLE CHOICE Milch Corporation sells on terms of net/90. Their accounts receivable are on average 20 days past due. If annual credit sales are P650,000, what is the company’s average investment in accounts receivable? *A. P168,611.11B. P178,611.11C. P188,611.11D. P244,444.00E. P198,611.11
choose the letter of the correct answer Log Company’s credit sales are P300,000, and the collection period is 90 days. Cost is 70 percent of selling price. Determine Log's average investment in accounts receivable. a. P32,500.00b. P42,500.00c. P52,500.00d. P62,500.00e. P72,500.00
Q4 : ( A ) Assume that The average monthly sales of company ( x ) is $ ( 45000 ) and The average monthly receivable account is $ ( 10000 ) Days , sales outstanding Find the days , sales outstanding
McEwan Industries sells on terms of 3/10, net 20. Total sales for the year are $971,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 90 days after their purchases. Assume 365 days in year for your calculations. What is the days sales outstanding? Round your answer to two decimal places. days What is the average amount of receivables? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the percentage cost of trade credit to customers who take the discount? If your answer is zero, enter zero. Round your answer to two decimal places. % What is the percentage cost of trade credit to customers who do not take the discount and pay in 90 days? If your answer is zero, enter zero. Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost: % Effective cost: % What would happen to McEwan’s accounts receivable if it toughened up on its collection…
Lily Corp. Corp. sells on term 2/20, net 40. Total credit sale for the year are P180,000. 40% pays on the 20th day and take discounts while the rest pay on the due date. What is the average amount of accounts receivable? (Use 360-day year) a. 16,000 b. 36,667 c. 26,667 d. 12,000

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6) Assume you have a credit card that has a 24% APR and you have an a daily balance of $1,500.00. Assume there are 12 egual monthly hilling cuclor on tho orodit oord