On august 10, a credit card account had a balance of $345. A purchase of $64 was made on august 15, and $165 was charged on august 27. A payment of $71 was made on august 15. The interest on the average daily balance is 1.35% per month. Find the finance charge on September 10 bill. (Round your answer to two decimal places

Q: The balance on Ramon Felipe's credit card on January 19, his billing date, was $278.03. For the…

A: A credit card is a financial tool or an instrument that is being used by account holders or…

Q: Suppose the charge account of​ Strong's Mailing Service at the local supply store had a​ 1.8%…

A: The question is based on the concept of Financial Accounting.

Q: For the credit card account, assume one month between billing dates and interest of 1.6% per month…

A: Here, Interest Rate is 1.6% per month on average daily balance

Q: The balance on Ramon Felipe's credit card on January 18, his billing date, was $249.35. For the…

A: Credit Card is short term debt instrument which allows holder of such card to make purchases on…

Q: A credit card bill for $655 was due on April 14. Purchases of $155.56 were made on April 19. The…

A: A credit card bill for $655 was due on April 14April 19 purchase=$155.56Charge on April…

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

A: Finance charge is the charge which is paid by the borrower for borrowing the money from the…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: Average daily balance: It is the credit card’s balance during a given billing cycle.

Q: On October 25, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: Cost of computer = $1,200 Payment made in November = $400 Payment made in December = $400 Balance is…

Q: Find the average daily balance

A: Meaning of Average Daily Balance Average daily balance refers to a method where the credit card…

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

A: Average balance is calculated by dividing the adjusted balance with total number of days.

Q: A credit card had a previous balance of P 9 500 on June 10. A purchase of P 5 000 was made on June…

A: Credit card balance is the net amount owed by the borrower at the end of given month. The balance…

Q: On February 3, the billing date, Carol Ann Bluesky had a balance due of $128.66 on her credit card.…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: A charge account had a balance of $979 on May 5. A purchase of $222 was made on May 17, and a…

A: From May 5 to May 17, the balance of account is $979 for 12 days.From May 17 to May 20 the balance…

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

A: Given: Annual interest rate is 18% April 14 $89 Charged for a coat April 17 ​$140 Made…

Q: Sheridan Clothing Store had a balance in the Accounts Receivable account of $460000 at the beginning…

A: Opening account receivable (A) = $ 460,000 Closing account receivable (B) = $ 450,000 Net credit…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: Workings:

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: Working:

Q: On October 24, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: The question is based on the concept of loan and amortization.

Q: Margeaux's bill of P6 000 was due on March 6. A purchase of P 2 000 was made on March 18 and P 4 500…

A: Average daily balance is calculated as the average of the account balance at the end of each billing…

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: An unpaid credit card bill for $656.95 had a due date of May 8.  Purchases of $365. were made on May…

A: The question is based on the concept of finance charge calculation for credit card based on the…

Q: The table below shows a summary of Maya's credit card statement for the month of February.…

A: Here in this question we are required to calculate interest and unpaid balance on March 1. For…

Q: The payment schedule of purchases made on account is as follows: 75% during the month of purchase,…

A: Payment for credit purchases in December = 10% of October + 15% of November + 75% of December

Q: On October 24, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: Interest is the periodic obligation of the borrower to pay towards the sum borrowed. It is computed…

Q: On December 1, the Notes Receivable account had a normal balance of $130,000.  During December, the…

A: Balance of the account on December 31 = Beginning balance + Amount debited - Amount Credited

Q: The balance on Ramon Felipe's credit card on January 19, his billing date, was $281.38. For the…

A: Credit cards are a type of short-term financial instrument that allows the cardholder to make…

Q: On October 25, you plan to purchase a $1,200 computer by using one of your two credit cards. The…

A: In the given problem, we need to compute the interest charged for each card. The card with lower…

Q: Marie's Clothing Store had an acounts receivable balance of $440,.000 at the beginning of the year…

A: Accounts receivable turnover = Net credit sales / average Accounts receivable =…

Q: Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest…

A: The ending balance is the sum of its previous outstanding balance less any payments and addition of…

Q: On the April 5 billing date, Michaelle Chappell had a balance due of $978.09 on her credit card.…

A: The question is based on the concept of Financial Accounting.

Q: A credit card account had a $230 balance on March 5. A purchase of $150 was made on March 12, and a…

A: Hence, total billing period is 30 days, and the total balance of unpaid amount in each day of the…

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

A: Determine the average daily balance: Days Balance Number of Days x Balacne 7 $410 $2,870.00 2…

Q: What is the finance charge for this month?

A: Finance Charge: The finance charge represents the cost of borrowing or the cost of credit. Hence,…

Q: On October 22, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: In average daily balance method, average balance of each day of the month is taken and on that…

Q: The “age” of an account receivable is the length of time that it has been outstanding. At the end of…

A: Accounts receivable aging is the process of distinguishing open accounts receivable based on the…

Q: On October 23, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: The cost of purchase is $1800 on October 23. It can be done using one of the two credit cards a)…

Q: On October 25, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: Interest: It is the amount paid by the borrower to the lender over & above the credit amount.

Q: A credit card account had a $243 balance on March 5. A purchase of $179 was made on March 12, and a…

A: From March 5 to March 12, the balance of account is $243 for 7 days.From March 12 to March 28, the…

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

A: First we have to find the average daily balance for the month of April by keeping day-by-day record…

Q: for the credit card account below, compute the average daily balance, the finance charge, and t…

A: Here are the guides: i. Define the credit card. > whereby charges are applied to a line of credit…

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: Use the average daily balance method to compute the finance charge

A: Finance charge is the interest paid for a debt. The Annual Percentage Charge (APR), the amount of…

Q: Zaldy's bill of P5 000 was due on September 10. A purchase of P 3 000 was made on September 15 and P…

A: Date  unpaid balance   Sep. 10 $5000 (previous balance) Sep. 15 $5000+$3000=$8000 (purchase of…

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

A: Average daily balance is calculated by weighted average of balance with number of days as weigh of…

Q: On October 24, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: (a) Given The Interest Rate of the Silver Card = 18% (interest is calculated based on the balance on…

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

A: Computation:

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

A: Date Details Increase Decrease Balance  Aug 1 Balance     320  Aug 8 Payment made   82 238…

Q: For the credit card account below, compute the average daily balance, the finance charge, anc…

A: The credit cards are charged on the basis of average daily balance during the month and finance…

Q: On October 24, you plan to purchase a $1,800 computer by using one of your two credit cards. The…

A: Here, Interest Rate of Silver Card is 18% and interest is calculated based on the balance on the…