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

Q: Assume that you start with a balance of $3900 on your credit card. During the first month you charge…

A: A credit card is a card that is issued by the bank to the users to enable that holder to pay a…

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: The previous statement for your credit card had a balance of $770. You make a payment of $360 but…

A: Given information: Previous balance is $770 Payment of $360 Additional purchase of $220 APR of 24%

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: be received and recorded, and that the month is 30 days long. (Round your answers to the nearest…

A: Finance charges are a way for a lender to get compensated for supplying cash or giving credit to a…

Q: Last month, Kaitlin's average daily balance on her credit card was $1,253.38. The annual interest…

A: Given: Average daily balance on credit card "B"= $1253.38 Annual interest rate "r"=15.27% Number of…

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: The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given…

A: Interest rate = 10.5% Initial balance = $150  Number of days = 1-3 is 3 days Number of days = 4-20…

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

A: The average balance method used the average balance in a month to calculate the finance charges.…

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: A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16…

A: Fist we need to calculate present value of all payments starting at 3 months after by using annuity…

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: Assume that you start with a balance of $3600 on your credit card. During the first month, you…

A: Given Starting balance is $3600 First month charge is $400 Second month charge is $550

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: nth. Round all values to the nearest cent. A. What is the finance charge for this first month? B.…

A: finance fee is the interest  pay on a loan you owe,If you carry a debt from one payment month to…

Q: A credit card has a 21.99% APR, a minimum monthly payment of 3.15%, and a current monthly statement…

A: A credit card is a pay later facility provided by the banks to its customers. Banks charge interest…

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

A: Here, Balance of Credit Card is $6,000 Interest Rate is 14% Payment made is $60 It takes 10 days for…

Q: You have an account with a $1000 credit limit that charges 12.25% interest using the average daily…

A: In credit cards they are charged based on the daily balance and there is need of daily balance and…

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: 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: calculate the monthly finance charge for the credit card transaction. Know that it takes 10 days for…

A: There are various method in which the interest on credit card is charges such as previous balance,…

Q: The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given…

A: Average daily balance is the average of the monthly expenses   Date No of days Balance…

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: Assume that you start with a balance of $3900 on your credit card. During the first month you charge…

A: Given, Starting balance is $3900. First month charge is $400. Second month charge is $650 Rate of…

Q: Ruby Wilson, a student at State College, has a balance of $350 on her retail charge card. If the…

A: Given Information: Amount balance of $350 Finance charge is 22% Month has 30 days

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

A: Finance charges as per previous  balance  method = previous  balance  × periodic  rate

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: The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given…

A: Credit card is a facility provided by the credit card companies to its customers in which customer…

Q: The table below shows the expenses and payments for 8 months on a credit card account with an…

A: Credit card Balance Formula: Balance = Previous balance - Payment + expense + interest Interest =…

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

A: Case : As the question provides that the payment receive and record would take time of 10 days .…

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: A credit card has a 21.99% APR, a minimum monthly payment of 3.15%, and a current monthly statement…

A: Minimum monthly payment is the least amount of money paid by the credit card holder every month .…

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: A washer-dryer combination can be purchased from a department store by making monthly credit card…

A: Amortized Loan:  Amortized loan is a type of loan in which the borrower would pay periodic payments…

Q: a credit card has a 30-day billing period, a 20-day grace period, and charges an interest rate of…

A: In this case, we use the average daily balance method to calculate the interest charged. It is one…

Q: Suppose that the average daily balance on William's American Express Card is $382.2 for a 30-day…

A: Latest Running Balance on the Card is $6941 Average Daily Balance of the Card is $382.2 Billing…

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: 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…