Fill in the chart below using the information for Credit Card Finance. Mike starts with $1299.99 and an APR of 18% and makes no new purchases. The minimum payment is always 7%.   Month Carry Over Balance Finance Charge New Balance Minimum Payment  1 $1299.99

Q: A credit card has a monthly rate of 2.20% and uses the average daily balance method for calculatin…

A: Given that: Credit card monthly rate = 2.20% Unpaid balance = $418.44 Payment received = $180…

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: Computation of average daily balance:

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Finance Charges is Calculated on Opening Value of Payable amount.  = Opening Balance of March * Rate…

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: A store will give you a 3% discount on the cost of your purchase if you pay cash today. Otherwise,…

A: Customers who choose to defer payment for the month will be letting go of the discount that they…

Q: Vou have a credit card with an APR. of 16%. Vou begin with a balance of $750. In the first month you…

A: For credit card, charges are purchases on credit card and payments are payment on the balance of…

Q: You have a credit card with an APR of 22.8%. You begin with a balance of $1000, in response to which…

A: Finance charge Any fees that represent the credit cost, or borrowing cost. It is an interest accrued…

Q: Many consumers carry a balance each month on their credit cards and make minimal payments towards…

A: Monthly payment (M) = $251.22 Interest rate = 23.77% compounded daily n = 6 years = 72 payments

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: Your monthly payments are due on the 8th of each month, starting October 8. The lender receives your…

A: Principal amount : It is the initial or the total amount that is being borrowed by an individual…

Q: Solve the problem. On the January 25 billing date, Vivian had a balance due of $387.19 on her credit…

A:

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: Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous…

A: Month 1: Outstanding balance in beginning = 610$ APR = 24%  Finance charge = 610$ * 24% * 1/12 =…

Q: Peyton has a Home Depot credit card. The card has a balance of $4456.39 with an APR of 28.79%. The…

A: Here, Card Balance is $4,456.39 APR is 28.79% Minimum Payment is 3.8% of the Balance.

Q: nth Previous Month's Balance (in $) Finance Charge (in $) Purchases and Cash Advances Payments and…

A: In this we to determine the finance cost and than do the remaining task.

Q: On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and…

A: Concept : Journal Entry records a business transaction following double entry accounting system.In…

Q: You have a credit card with an APR of 22.8%. You begin with a balance of $1500, in response to which…

A: The interest on the credit card is charged monthly. The amount of payment reduces the outstanding…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Revolving Credit Account is a short-term finance facility offered to individual customers by…

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: 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: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: First we will calculate for January month 1) finance charge:          Finance charge is calculated…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: The word annual percentage rate (APR) alludes to the loan cost charged every year to banks and paid…

Q: Paying off a Discover card. Assume that you have a balance of $3000 on your Discover credit card and…

A: Here, Balance of the card is $3000 APR is 21% Minimum Payment is 2%

Q: A machine shop has a credit card that offers rebates on purchases. A the end of Hay, the company had…

A: The minimum monthly payment is the smallest amount a client may pay on their revolving credit…

Q: As a jewelry store manager, you want to offer credit, with interest on outstanding balances paid…

A: Given data; nominal interest rate charged by bank = 9% compounded monthly. you want to charge 3%…

Q: You have a credit card that charges an interest rate of 14.85% compounded monthly. The table below…

A: A credit card is a debt financing instrument that allows the holder to use funds and pay them back…

Q: On June 29, a retailer buys goods worthy P3,000. To take advantage of a 5% cash discount, the…

A: Calculations are as follows.

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: The amount due at month-end: The amount due at month-end can be computed by adding all the charges…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Here, APR is 21% Monthly Interest Rate will be: = 21%/12 = 1.75%

Q: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…

A: Unpaid balance method In case of the unpaid balance method, the finance charge is based on all…

Q: credit card bill for $657 was due on April 14. Purchases of $155.56 were made on April 19. The…

A: Balance from April 14 th to 18th = 657 April 19th to 20st = 657 + 155.56 = 812.56 April 21st to 24th…

Q: Jason has credit card with the monthly interest rate of 1.3%. His statement from October 10 to…

A: Beginning balance (B0) = $1132 Days from Oct 10 to Nov 10 = 32 Purchase on Oct 17 (P1) = $900 Days…

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: 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: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: New balance end of month (May) = Previous month balance + Finance charge + Purchases and cash…

Q: Use the unpaid balance method to find the finance charge on the credit card account. Last month's…

A: As per the Unpaid Balance Method Finance Charges computed on the unpaid balance of prior period. It…

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: Fill in the chart below using the information for Credit Card Finance. Mike starts with $1299.99 and…

A: mike starts with 1299.99 Apr is 18% minimum payment is 7% now we will calculate monthly financial…

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: Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: The annual percentage rate Introduction: The annual rate that is earned from the investment or…

Q: You purchased an appliance in a certain appliance center worth P35,000 using your credit card. The…

A: The question is related to Amortization Schedule. The detals ar given.

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Given: APR = 6%   Formula for finance charges= (Previous Balance - Credit + Charges - Payment)  x…

Q: Dallas Pierce's most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: Average daily balance is calculated by weight average of unpaid balance, where the weight is the…

Q: We sold ABC company merchandise on account for $24,000 They were unable to pay it so we changed it…

A: Accounts receivable has debit balance because it is our assets so if we want to discharge it we have…

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.