The activity on Charlie Wilson's Visa account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is November 11 through December 10, the previous balance was $645.33, and the annual interest rate is 20%. November 15     payment     $125.00 November 28     office supplies     $24.97 December 1     toy store     $317.52 average daily balance     $ finance charge $

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: A credit card has a monthly rate of 2.20% and uses the average daily balance method for calculatin…

A: Given that: Credit card monthly rate = 2.20% Unpaid balance = $418.44 Payment received = $180…

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: 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: Current balance of Margeaux's bill on the 6th of the month is P7891.39

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Finance Charges is Calculated on Opening Value of Payable amount.  = Opening Balance of March * Rate…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 18.0​%. The unpaid balance for his…

A: In unpaid balance method, the interest for credit card is computed irrespective of transactions made…

Q: The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is…

A: Average daily balance is calculated to determine the finance charge on the billing period of a…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 16.8%. The unpaid balance for his…

A: Annual percentage rate = 16.8%  Unpaid balance of billing cycle = $1,406.25  Cost of printer…

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

A: Formula of Average Daily balance method:

Q: he activity in the credit card account of Mara for one billing period shows the following…

A: The activity in the credit card account of Mara for one billing period shows the following…

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: The activity on Marny Zell's MasterCard account for one billing period is shown below. Find the…

A: Average daily balance  Average daily balance is a useful accounting method utilized by the credit…

Q: The activity on Denise Hellings' Sears account for one billing period is shown below. Find the…

A: Each day balance in the billing period and no of days are   time period               days…

Q: Use the unpaid balance method to find the finance charge on the credit card account for December.…

A: Given: Interest rate = 17% Beginning balance = $580

Q: Find the​ Black's finance charge on April 1

A: Finance Charge is a charge on the amount lent. On lending an amount, an interest is charged on the…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his…

A: The finance charge is the cost of the unpaid balance. The balance of the credit card is adjusted for…

Q: On September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The…

A: Notes payable are the asset of the firm where a borrower gives a written promise to lender to pay…

Q: The activity on Monique Ramirez’ Visa account for one billing period is shown below. Find the…

A: Finance charge is the charges charged by a credit card company which is calculated on the basis of…

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

A: Workings:

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: uppose the charge account of​ Black's Mailing Service at the local supply store had a 1.5​%…

A: The costs of borrowing the money, comprising interests as well as other fees, is referred to as a…

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: A.) The activity on Marny Zell's MasterCard account for one billing period is shown below. Find the…

A: Previous balance = 396.41 Annual interest rate = 19.5% Payment = 200 Gasoline = 32.14 Restaurants =…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his…

A: Unpaid balance method ascertains the finance charge on the previous balance outstanding i.e., the…

Q: Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his…

A: Monthly Interest Rate=Annual Interest RateNo. of periods in a year=19.2%12=1.6% a) Finance…

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: The activity on Marny Zell's MasterCard account for one billing period is shown below. Find the…

A: Finance charge is a fee for cost of credit.

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

A: The billing cycle is the time gap between two closing dates of the company. The ending balance is…

Q: You have a credit card that charges an interest rate of 14.85% compounded monthly. The table below…

A: A credit card is a debt financing instrument that allows the holder to use funds and pay them back…

Q: A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On…

A: daily average balance formula: daily average balance =sum of daily balancebilling period

Q: A credit card company determines a card holder's minimum monthly payment by adding all new interest…

A: Total outstanding principal = $592+$429+$120+$104Total outstanding principal = $1245 Total days till…

Q: Use the unpaid balance method to find the finance charge on the credit card account. Last​ month's…

A: Last month's balance = $400 Payment = $350 Interest rate = 16.7% Bought plane ticket = $100 Bought…

Q: Calculate the effective annual interest rate if Ahmad opens a charge card account with a department…

A: The effective annual interest rate is an effective interest rate used in multi-period compounding…

Q: Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of…

A: Introduction:- If the customer made payment within discount period, he is eligible for sales…

Q: The activity on Denise Hellings' Sears account for one billing period is shown below. Find the…

A: Average daily balance is used to calculate the interest due on the payment.

Q: The credit terms offered to a customer by a business firm are 2/10, n/30, which means that the…

A: Credit term refers to a payment term mentioned in the invoice which stated the timing and payment of…

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: QUESTION 2 Use the average daily method to find the finance charge on the credit card account for…

A: Finance charge for a credit card is the charge which is applicable on the transactions made by the…

Q: On March 19 Gunderson’s Hardware received a $20,800 invoice dated March 15. Cash discount terms were…

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

Q: Use the unpaid balance method to find the finance charge on the credit card account for December.…

A: Given: Interest rate = 17% Beginning balance = $580

Q: The activity on Denise Hellings' Sears account for one billing period is shown below. Find the…

A: Average daily balance = ∑unpaid balance * number of days Finance charge = Average daily…

Q: na has a revolving credit account at an annual percentage rate of 15%. Her previous me balance if…

A: Required: New Balance of LeAnna's Account

Q: You have a Visa credit card account ble with a 24.99% annual percentage rate calculated on the…

A: Given:   Annual Percentage Rate 24.99% Credit Card Balances:    June, 1   $ 252.00 June,8:…

Q: Suppose the charge finance charge on April 1 if Black's had an unpaid balance on March 1 of $109.33,…

A: Charge account is prepared to record credit transactions in an entity in chronological manner.

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.