Please Solve In 20mins 2)Sarah began her credit card billing cycle with a zero balance, and her billing date is March 20. Shemade a $4600 purchase with her card on March 21. She receives her bill on March 24 with a duedate of April 15. Her card has an 18 percent APR and a grace period. How much interest will she oweif the entire balance is paid by May 15?a. $52.08b. $28.75C. SOd. $69.00show calculations please

Bill Date 20-Mar Purchase date 21-Mar Amount $ 4,600.00 Bill Date 24-Mar Due…

Answered: OSarah began her credit card billing…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
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.
1. 2)Sarah began her credit card billing cycle with a zero balance, and her billing date is March 20. She made a $4600 purchase with her card on March 21. She receives her bill on March 24 with a due date of April 15. Her card has an 18 percent APR and a grace period. How much interest will she owe if the entire balance is paid by May 15? a. $52.08 b. $28.75 c. $0 d. $57.50show calculations please
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?
Ja’Mila makes a $350 purchase with her new credit card. The card has a 21% annual interest rate and $35.00 minimum payment due on the 10th of every month. Given that her starting balance is $350, if she pays the minimum payment by October 5th, what amount, to the nearest cent, is applied to interest? $ What amount, to the nearest cent, is applied to the principal? $
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.
Bryan's credit card has an a APR of 12% for purchases and 19% for cash advances. they use a daily periodic rate for purchases and cash advances there is a cash advance fee of 3% . in a 31 day billing cycle,Bryan's purchases balance that is subject to finance charges is $286.26 .in addition he took an advance of $500 during the billing cycle and must a finance charges on it is for 15 days . Bryan did not pay off his credit card, and the next month the purchase balance subject to finance charges was $622.86. What are the total finance charges for a 31 day billing cycle?
Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his June billing cycle is $1,025.31. During the billing cycle he purchased a printer cartridge for $41.56, books for $242.87 and gasoline for $19.05. He made a payment of $1,200. If the account applies the unpaid balance method, what are the finance charge and the new balance?
On the July 5 billing date, David had a credit card balance due of $589.85. The transactions during the following month were: July 6 Payment $270.06 July 19 Charge: auto repair $322.00 August 1 Charge: clothing $122.02 The interest rate on the card is 14.4% per year. Using the average daily balance method, find the finance charge on August 5 (July has 31 days.). Select one: a.$9.02 b.$6.37 c.$9.49 d.$9.37
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.
Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card. She paid the previous month's statement balance in full. The card carries a finance charge rate of 16%. What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?

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