Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle Previous balance Billing date Payment Charge: Home Depot Payment Cash advance 9/16 9/19 $ 1,400 2$ 54 cr. 9/30 1, 200 10/3 54 cr. 10/7 64 Finance charge is 1.25% on average daily balance. Average daily balance Finance charge

Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle Previous balance Billing date Payment Charge: Home Depot Payment Cash advance 9/16 9/19 $ 1,400 2$ 54 cr. 9/30 1, 200 10/3 54 cr. 10/7 64 Finance charge is 1.25% on average daily balance. Average daily balance Finance charge

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 5FPE: Calculating the net costs of checking accounts. Determine the annual net cost of these checking...

See similar textbooks

Similar questions

Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts: a. Monthly fee 4, check-processing fee of 20 cents, average of 23 checks written per month b. Annual interest of 1.5 percent paid if balance exceeds 750, 8 monthly fee if account falls below minimum balance, average monthly balance 815, account falls below 750 during four months
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 30-day billing cycle 9/16 Billing date Previous balance $ 2,500 9/19 Payment $ 65 Credit 9/30 Charge: Home Depot 1,750 10/3 Payment 65 Credit 10/7 Cash advance 75 Finance charge is 1% on average daily balance. What is the average daily balance? What is the finance charge?
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle 9/16 Billing date Previous balance $ 2,600 9/19 Payment $ 66 cr. 9/30 Charge: Home Depot 1,800 10/3 Payment 66 cr. 10/7 Cash advance 76 Finance charge is 1.5% on average daily balance.
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.): 30-day billing cycle 9/16 Billing date. Previous balance. $1,300 9/19 Payment: $53 cr. 9/30 Charge: home depot: $1,150 10/3 Payment: $53 cr. 10/7 Cash advance: $63 Finance charge is 1% on average daily balance. Average daily balance: ? Finance charge: ?
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: $615 Last payment: $80 Annual Interest rate: 21% Purchases: $484 Returns: $545 The finance charge is $___ (Round to the nearest cent.)
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $10.00 October 25 Purchase $124.60 average daily balance = $?
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 long. (Round your answer to the nearest cent.) $475 balance, 16%, $425 payment; average daily balance method
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $10.00 October 25 Purchase $122.60
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $153.98, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $38.34 average daily balance $ finance charge $
On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were 4/10, n/30. On April 02, Jangles sent an $8,720 partial payment.a. What credit should Jangles receive? (Round your answer to the nearest cent.) Credit b. What is Jangles’ outstanding balance? (Round your answer to the nearest cent.) Outstanding Balance