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) During the month you bought theatre tickets for $37, went out to eat for $80, and bought a television for $350. What's your new balance (include what your balance was after your payment + new purchases + finance charges)?

Q: will be received and posted on the 10th of each month. No other charges will be made on the account.…

A: The computation of charges for purchases made with a credit card is the subject of the inquiry.…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: The average daily balance method is the method wherein the finance charges are calculated on the…

Q: Suppose your business has secured a line of credit and receives the accompanying statement of…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge is the charge which is paid by the borrower for borrowing the money from the…

Q: A particular credit card calculates interest using the unpaid balance method. The monthly interest…

A: Interest is an amount charged for borrowing or lending money. Interest is calculated based on the…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge Any fee reflecting the credit cost of or the borrowing cost. The cost encountered by…

Q: a credit card charges 2.3% interest per month on the average daily balance if the unpaid balance is…

A: Interest expenses = Average balance * interest rate Balance due with interest = Unpaid Balance +…

Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…

A: In credit cards, we can say that finance charges include interest and transaction fees charged on…

Q: Mary owed $800 on a credit card at the end of the March billing cycle. She made a purchase of $600…

A: In the previous balance method, the interest is calculated on the credit card balance outstanding at…

Q: John Smith has a credit card that charges 11% annual interest on the monthly average daily balance…

A: It is assumed that no daily compounding while calculating interest amount and average balances.…

Q: For the credit card account, assume one month between billing dates (with the appropriate number of…

A: Average balance is calculated by dividing the adjusted balance with total number of days.

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

A: Solution Given Balance on October 12 5000 Purchase made on October 15 1500 Payment…

Q: Suppose your business has secured a line of credit and receives the accompanying statement of…

A: Limit on your line of credit - $1,000.00 Interest rate on positive balances - 1.6% p. a Interest…

Q: The unpaid balance at the start of a 28-day billing cycle was $981.72. A $6,000 purchase was made on…

A: Information Provided: Unpaid balance = $981.72 Purchase = $6000 Payment credited on Day 21 = $50…

Q: In John​ Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: The finance charge is the amount charged by using some fixed percentage on the borrowed amount by…

Q: In John Balfour's credit card account interest is charged on the average daily balance. The cycle…

A: Firstly , calculate the average daily balance : Period  Days Balance amount Total days amount…

Q: credit card bill for $559 was due on September 14. Purchases of $289 were made on September 19, and…

A: Given:   Opening balance as on Sept-14  $ 559.00 Purchases on Sept-19  $ 289.00 Charges in…

Q: On October 25, you plan to purchase a $1,500 computer by using one of your two credit cards. The…

A: Daily interest rate = Annual InterestNumber of Days in a Year=18%365=$0.0004931   Interest on Gold…

Q: Suppose your business has secured a line of credit and receives the accompanying statement of…

A: Note: As per our guidelines, only the first three subparts have been answered      Interest…

Q: A particular credit card calculates interest using the unpaid balance method. The monthly interest…

A: Interest is calculated on unpaid balance method. Interest rate = 1.57% on the unpaid balance on the…

Q: On October 26, you plan to purchase a $1,500 computer by using one of your two credit cards. The…

A: Interest refers to the amount charged by bank in consideration of advancing loan to its borrowers.…

Q: 2. Given the following information about a credit card account, determine the average daily balance…

A:

Q: Ryan Gray, a student at State College, has a balance of $330 on his retail charge card; if the store…

A: Interest amount is calculated using the following formula:

Q: A credit card account had a balance of P 5 000 on October 12. A purchase of P1500 was made on…

A:

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Average-Daily-Balance shows an estimate amount that is due or held in an account on daily basis. It…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge is an additional amount which is charged on an amount financed through external…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: The term finance charge refers to the cost of borrowed money or the charges that are incurred on the…

Q: You have a credit card that charges an interest rate of 9.5% compounded monthly. The table below…

A: Average Daily balance method is the method in which interest charges for the period are calculated…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Determine the average daily balance: Days Balance Number of Days x Balacne 7 $410 $2,870.00 2…

Q: On October 26, you plan to purchase a $1,500 computer by using one of your two credit cards. The…

A:

Q: The following table show's a credit cardholder's transactions for his credit card with statement…

A: The credit card holder's transactions for his credit card are given to us. The statement is upto…

Q: A credit card company determines a card holder's minimum monthly payment by adding all new interest…

A: Total outstanding principal = $592+$429+$120+$104Total outstanding principal = $1245 Total days till…

Q: On august 10, a credit card account had a balance of $345. A purchase of $64 was made on august 15,…

A: Finance charge means the interest which a borrower is required to pay on the outstanding credit. The…

Q: On October 24, you plan to purchase a$1500 computer by using one of your two credit cards. The…

A: As per the information provided: Date Cash flow Net balance 1-Oct 0 0 24-Oct -$1500…

Q: On October 26, you plan to purchase a $1,500 computer by using one of your two credit cards. The…

A: For silver card: Interest charge = Balance on start of previous month *interest rate/12 For golden…

Q: Kevin Devlin's credit card company determines his minimum monthly payment by taking 1.25 % of any…

A: Interest charges indicate the additional rate charged by the lender over the principle amount.

Q: Use the average daily method to find the finance charge on the credit card account for September…

A: Finance charge refers to the fees charged by the financial institution for providing credit card…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Finance charge refers to the type of cost used to incur through the borrowing of the funds. It…

Q: On October 25, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: (A) For silver card: Interest on 10th November month=balance on 1st oct*18%=0*18%=0, remaining…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: First we have to find the average daily balance for the month of April by keeping day-by-day record…

Q: On October 24, you plan to purchase a $1,500 computer by using one of your two credit cards. The…

A: The question is based on the calculation of charges made for purchase by use of a credit card. The…

Q: On the July 5 billing date, David had a credit card balance due of $589.85.  The transactions during…

A: Finance charge refers to the cost of credit that is fee charged by for the use of credit or the…

Q: On April 12, Michelle Lizaro borrowed $5,000 from her credit union at 9% for 80 days. The credit…

A: Interest = Principal * rate * time where, Principal = $5,000 rate = 9% time = 80 days

Q: Use the average daily balance method to compute the finance charge

A: Finance charge is the interest paid for a debt. The Annual Percentage Charge (APR), the amount of…

Q: Use the average daily balance method to compute the finance charge on the credit card account for…

A: Average daily balance is calculated by weighted average of balance with number of days as weigh of…

Q: Use the unpaid balance method to find the finance charge on the credit card account for April. The…

A: GIVEN DATA   The starting balance from the previous month is ​$200. The transactions on the account…

Q: On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15,…

A: The average daily balance can be calculated by dividing the number of days from the sum amount owed…

Q: Using the unpaid balance method, find the current month's finance charge on a credit card account…

A: Unpaid Balance Method: It is the method where finance charges are calculated based on previous…

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.