1 Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annualpercentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.)PreviousFinancePurchasesNew BalancePaymentsand CreditsMonth'sMonthCharge(in $)and CashEnd of MonthBalanceAdvances(in $)(in $)April$649.17$14.61$34.45$95.00$603.23May$284.33$145.00DETAILSBRECMBC9 13.1.014.MY NOTESASK YOUR TEACHERCalculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 andthe following activity. (Round your answer to the nearest cent.)DateActivityAmountOctober 3Cash advance$50.00October 7Payment$75.00October 10Purchase$26.59October 16Credit$20.00October 25Purchase$124.60average daily balance= S%24

An account receivable is defined as it is money that has not been paid by customers after using the…

Answered: Kathy Hansen has a revolv 278

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Kathy Hansen has a revolv 278

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

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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

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Question

Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual
percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.)
Previous
Finance
Purchases
New Balance
Payments
and Credits
Month's
Month
Charge
(in $)
and Cash
End of Month
Balance
Advances
(in $)
(in $)
April
$649.17
$14.61
$34.45
$95.00
$603.23
May
$284.33
$145.00
DETAILS
BRECMBC9 13.1.014.
MY NOTES
ASK YOUR TEACHER
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
$20.00
October 25
Purchase
$124.60
average daily balance
= S
%24

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