Calculate the finance charge for a credit card that has the given average daily balance and interest rate. Round your answers to the nearest cent.  averagevdaily balance: $113.43; monthly interest rate: 1.35%

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

A: We need to use previous balance method to calculate monthly finance charge. Finance Charge using…

Q: Complete the following table for the simple discount notes. Use the ordinary interest method. (Round…

A: Maturity Value (MV) = $6000 Discount Rate ( r ) = 3.5% Time (n) = 160 days = 160/12 =…

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

A: The daily balance method totals your finance charges for each day of the month. To do this…

Q: Your monthly statement from your bank credit card shows that the monthly rate of interest is 1.5%.…

A: Given details are : Monthly rate of interest = 1.5% We require to compute the annual effective rate…

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

A: Formula to calculate the charge using the average daily balance method is: (Balance*10) +…

Q: Calculate the finance charge for a credit card that has the given average daily balance and interest…

A: Charges that must be paid in order to avail of the credit card services are referred to as finance…

Q: Suppose you have received a credit card offerfrom a bank that charges interest at 1.4% per…

A: Working note:

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

A: The Finance charge is basically the expense or cost which one incurs whether being the individual,…

Q: Calculate the finance charge for a credit card that has the given average daily balance and interest…

A: Given: Average daily balance = $118.27 Monthly interest rate = 1.15% Time = 1 month

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

A: The adjusted balance method is indeed an accounting technique that calculates finance charges on the…

Q: The quoted rate on your credit card is 18 percent and the card has a $57 annual fee. If your average…

A: Transactions in credit card is chargeable with monthly interest rate. Finance charge =average daily…

Q: Find the finance charge for a charge account with an average daily balance of $1213.58 and a monthly…

A: Finance Charge = Average Daily Balance x Monthly Interest rate

Q: A credit card has an average daily balance of $2,861.56 and the monthly periodic rate is 1.295%.…

A: Average Daily Balance of Credit Card = $2,861.56 Monthly Interest Rate = 1.295%

Q: Calculate the monthly finance charge for the credit card transaction. It takes 10 days for a payment…

A: We will calculate the interest on the basis of simple interest.

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

A: The question is based on the calculation of financial charges on a credit card. The Financial…

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

A: Average daily balance is the

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: Annual percentage rate: It is the annual rate charged on borrowed money.

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

A: As per the previous balance method Calculation of finance charges for a billing cycle, uses the…

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

A: Information Provided: Balance = $4000 Rate = 16% Payment = $2500 Days it take for payment = 10 Days

Q: Calculate the finance charge for a credit card that has the given average daily balance and interest…

A: Calculation of Finance Charge:The finance charge is $2.05.Excel Spreadsheet:

Q: A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest…

A: Calculate the effective annual rate (EAR) as follows:

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The borrowers get charged an annual rate of interest known as the Annual percentage rate (APR) which…

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

A: Information Provided: Balance = $600 Rate = 18% Payment = $550 Term = 10/30 days

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: Determine the finance charge for a credit card that has the given average daily balance and interest…

A: Finance charge can be defined as that charge which a borrower is required to pay to the lender for…

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

A: Given: Particulars Amount Opening balance 350 Interest rate 18% Payment 300 Days 10…

Q: a. How much will you pay each month? How does this compare with the credit-card payment each mont?…

A: Loan amount (P) = $6100 Interest rate (r) = 11.5% n = Payment frequency = 12 (r/n) = 0.95833% t = 6…

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

A: Average Daily method: in this method for a billing cycle Each day Balance is Divided by the Total…

Q: A credit card bill shows a balance due of $2500 with a monthly interest rate of 1.53%.  What is the…

A: The formula to calculate effective annual rate is given below:

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

A: Credit card is type of loan facility which is offered by banks and other financial institutions.…

Q: Your credit card statement says that the card has a 0.0562% interest per day. What is the actual…

A: In this question we require to compute the actual annual interest rate if daily interest rate is…

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

A: No.of days for a payment to be received and recorded = 10 days Balance = $200 Interest rate = 17%…

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

A: 1. Previous Balance Method = Finance Charge is calculated on the amount which is outstanding at end…

Q: Calculate the finance charge for a credit card that has a given average daily balance and…

A: Credit card charges interest on basis of monthly.

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

A: Average daily balance considers the balance after each day.

Q: Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous…

A: Cash and cash equivalents mean the cash or the assets which can be converted into cash within a very…

Q: Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary…

A: Bank discount  = face value  × discount rate × number of years

Q: The balance on a credit card, that charges a 12% APR interest rate, over a 1 month period is given…

A: A credit card refers to a facility provided by banks to its customers that customers can make the…

Q: David received credit card applications from two different banks. The interest terms from the banks…

A: An effective interest rate is referred to as an interest rate on the loan or the financial product…

Q: Macapagal Bank advertises savings account interest as 5.5 percent compounded weekly and chequing…

A: Because it accounts for the effects of compounding, the effective annual interest rate is the…

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

A: As per previous balance method, the interest is ascertained on the outstanding balance at the end of…

Q: Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary…

A: Given: Face value = $85,000 Discount rate = 9.85% Term = 11 months or 330 days(11*30)

Q: Suppose you have received a credit card offer from a bank that charges interest at 1.1% per quarter,…

A: The nominal rate is the rate that the financial institution quotes when giving out or receiving…

Q: Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary…

A: Answer

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.