Mary Purchase's monthly statement has a previous balance of $384.26. The statement indicates that during the month Mary made a payment of $275 and purchased no goods. Assume her interest charges for the month are $4.50. Mary's minimum monthly payment corresponds to at least 5% of her ending balance or $10, whichever is greater. Calculate Mary's new balance. Calculate Mary's minimum monthly payment.

Mary Purchase's monthly statement has a previous balance of $384.26. The statement indicates that during the month Mary made a payment of $275 and purchased no goods. Assume her interest charges for the month are $4.50. Mary's minimum monthly payment corresponds to at least 5% of her ending balance or $10, whichever is greater. Calculate Mary's new balance. Calculate Mary's minimum monthly payment.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 30P

See similar textbooks

Similar questions

Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
Candida has a revolving credit account at an annual percentage rate of 24%. Her previous monthly balance is $589.79. Find the new balance using the previous month's balance method if Candida's account showed the following activity.
In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3 $2,750.00 on September 15 $450.00 on September 29. Billy Jo’s credit card contract has a 15% APR and a minimum payment of 2%. What was Billy Jo’s balance at the end of the month? What is the minimum dollar amount Billy Jo must pay?
On May 6, May Payment makes a purchase of $258.50 on her credit card. The purchase appears on her monthly statement issued May 18. May does not pay for the purchase by the due date indicated on her May statement. Her next monthly statement is issued on June 18. Calculate the interest she is charged for her purchase on her June statement. Assume her lending institution charges her an annual interest rate of 19.75%, and she has an interest-free period of 21 days.
Assume no purchases or returns are made in the exercise given below. At the beginning of a 31-day billing period, Sandra Lazzaro has an unpaid balance of $730 on her credit card. Three days before the end of the billing period, she pays $600 Find her finance charge at 3.4% per month using the average daily balance method. The finance charge for Sandra Lazzaro is $
Kimberly has a revolving credit account at an annual percentage rate of 15%. Her previous monthly balance is $724.19. Find the new balance if Kimberly's account showed the following activity. (Use the unpaid balance method.)
On May 1, the billing date, Kayla had a balance due of $673.64 on her credit card. In May, Kayla made a purchase of$264.03 on May 6, made a payment of$100 on May 22, and made another payment of$300 on May 28. Determine her finance charge on June 1 using the previous balance method. Assume that the interest rate is 3.15% per month. Then determine Kayla’s new balance on June 1.
On April 1, instead of making the minimum payment, Shiing makes a payment of $700. Assuming there are no additional charges or cash advances, determine Shiing's minimum payment due on May 1.
A man borrows $3 000 from a credit union. Each monthhe is to pay $100 on the principal. At the same time, healso pays interest at the rate of 3/4% per month on theunpaid balance at the beginning of the month. What is thetotal payment required at the end of the first month? a. $112.50 b. $115.00 c. $115.25 d. $122.25 e. None of the choices is correct.
Shawana Valley is an attorney in Los Angleses. Valley uses the direct write-off methodd to account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she earned revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirement 1. Use the direct write-off method to jounalize Valley's write-off of the uncollectible receivables. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. What is Valley's balance of Accounts Receivable at May 31, 2018? Start by selecting the labels and then enter the amounts to calculate the balance in Accounts Receivable at May 13, 2018. ACOUNTS RECEIVABLE Collections -Apr 30 Bal- Net credit sales- write- offs
On November 15, a merchant purchased merchandise that he settled with 35% in cash, a payment for $35,050, which corresponds to 40% on March 3 and another for the rest on April 22. Considering charges of 16.8% annually, determine: a) The value of the merchandise on the day of purchaseb) The amount paid on April 22c) Interest or charges for not paying in cash
The accountant for Eastern Appliances manages the “no money down” arrangements offered to its customers. A customer purchased a refrigerator normally priced at $1,284.53 with all taxes included. Using a required rate of return of 9% compounded quarterly, the accountant determined that, after a deferral period, the customer should make 12 monthly payments of $119.16, with the first payment due on November 1, 2020. On what date was the refrigerator purchased?