Q Search Andy's credit card statement showed the following transactions during the month of October. (To keep the calculations simplified, let's assume that the payment cycle starts at the beginning of the month and ends on the last day of the month). Previous October 1st $90.00 Balance October Payment - Thank you (-) $20.00 13th October 21st Purchases (+) $14.23 Payment- Thank you October (-) $30.00 26th Ending Balance October 31st $54.23 PM The APR is 24% which means the monthly interest rate is 2.0% on the average daily balance. a) Find the average daily balance. The average daily balance is $ b) Find the finance charge for the month. The finance charge is $

Q Search Andy's credit card statement showed the following transactions during the month of October. (To keep the calculations simplified, let's assume that the payment cycle starts at the beginning of the month and ends on the last day of the month). Previous October 1st $90.00 Balance October Payment - Thank you (-) $20.00 13th October 21st Purchases (+) $14.23 Payment- Thank you October (-) $30.00 26th Ending Balance October 31st $54.23 PM The APR is 24% which means the monthly interest rate is 2.0% on the average daily balance. a) Find the average daily balance. The average daily balance is $ b) Find the finance charge for the month. The finance charge is $

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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An auto dealership is advertising that a new car with a sticker price of $34,128 is on sale for $25,995 if payment is made in full, or it can be financed at 0% interest for 72 months with a monthly payment of $474. Note that 72 payments × $474 per payment = $34,128, which is the sticker price of the car. By allowing you to pay for the car in a series of payments (starting one month from now) rather than $25,995 now, the dealer is effectively loaning you $25,995. If you choose the 0% financing option, what is the effective interest rate that the auto dealership is earning on your loan? (Hint: Discount the payments back to current dollars, and use Goal Seek to find the discount rate that makes the net present value of the payments = $25,995.) Enter your answer as a percentage. If required, round your answer to one decimal digit.
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The following information relating to property plant and equipment was extracted from the accounting records of Fred’s Transport for year ended 28 February 2022; 1. Balances at 28 February 2021:- Equipment at cost R 56 000- Accumulated depreciation: equipment R 10 860- Vehicles at cost R560 000- Accumulated depreciation: vehicles R285 360 2. The following transactions in respect of property, plant and equipment took place during the current financial year:2.1 An old vehicle was sold on 31 August 2021 for R144 000 cash. The cost price of the vehicle sold was R240 000, and its accumulated depreciation amounted to R120 100 on 1 March 2021. The proceeds from the sale of the vehicle was used to partially finance the purchase of another vehicle for R440 000 bought on 1 September 2021.2.2 On 28 February 2022 sold used equipment for R14 400 cash. The accumulated depreciation on this equipment was R3 280 at 1 March 2021. The cost price of the equipment was R18 000. 3. Depreciation must still be…
Mr. Pérez signed two documents: one for $ 5,000.00 that is sold in one year and the other for $ 1,000.00 maturing in 3 years. In a new arrangement, he agreed to pay $ 7,500.00 now and the remainder in 4 years. If the fourth year is considered as the focal date, what amount will you have to pay at the end of that period, assuming a 5% annual return?
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an auto dealership that a new car sticker price 34,128 is on sale for $25,995 if payment is made in full, or it can be financed at 0% interest for 72 months with a monthly payment of $474. mote that 72 payments x $474 per payments = 34,128, which is the sticker price of the car. by allowing you to pay for the car in series of payments ( starting one month from now) rather than 24,995 now, the dealer is effectively loaning you 25,995. If you choose the 0% financing option, what is the effective interest rate that the auto dealership is earning on your loan? ( hint: discount the payments back to current dollars, and use goal seek to find the discount rate that makes the net present value of the payments = $25,995) Enter your answer as a percentage. If required, round your answer to one decimal digit
The chief financial officer of Allied Corporation is setting up two production work shift payschedules. Swing shift workers are to receive 112 more pay than day shift workers. If the day shiftworkers are to receive average pay of $18.36 per hour, what is the average pay for the swingshift workers?34.
Suppose a credit card has anAPR of 22.41% and changes itscompounding period from dailyto monthly. What will happen tothe effective interest ratecharged by the credit card?