Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $6,000 balance, 14%, $60 payment (a) previous balance method $ (b) adjusted balance method 2$ (c) average daily balance method $
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The daily balance method totals your finance charges for each day of the month. To do this…
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: The average daily balance method is the method wherein the finance charges are calculated on the…
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: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Finance charge Any fee reflecting the credit cost of or the borrowing cost. The cost encountered by…
Q: a credit card charges 2.3% interest per month on the average daily balance if the unpaid balance is…
A: Interest expenses = Average balance * interest rate Balance due with interest = Unpaid Balance +…
Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…
A: In credit cards, we can say that finance charges include interest and transaction fees charged on…
Q: Using the unpaid balance method, find the current month's finance charge on a credit card account…
A: The Finance charge is basically the expense or cost which one incurs whether being the individual,…
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: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The adjusted balance method is indeed an accounting technique that calculates finance charges on the…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The average balance method used the average balance in a month to calculate the finance charges.…
Q: The unpaid balance at the start of a 28-day billing cycle was $981.72. A $6,000 purchase was made on…
A: Information Provided: Unpaid balance = $981.72 Purchase = $6000 Payment credited on Day 21 = $50…
Q: A credit card has an average daily balance of $2,861.56 and the monthly periodic rate is 1.295%.…
A: Average Daily Balance of Credit Card = $2,861.56 Monthly Interest Rate = 1.295%
Q: Use the average daily method to find the finance charge on the credit card account for September…
A: To Find: Finance Charge
Q: Use average daily balance method to compute the charge on the credit card account for the previous…
A: Computation:
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The question is based on the calculation of financial charges on a credit card. The Financial…
Q: Use the unpaid balance method to find the finance charge on the credit card account for August. The…
A: Finance charge It is basically the interest charge on the unpaid balance. With unpaid balance (P),…
Q: For the credit card account, assume one month between billing dates (with the appropriate number of…
A: Average daily balance is the
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: As per the previous balance method Calculation of finance charges for a billing cycle, uses the…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Given information : Time it takes for payment = 10 days Length of month = 30 days Balance = $475…
Q: You have a credit card with an APR of 20%. You begin with a balance of $600 in response to which you…
A: Given: APR = 20% Beginning balance = 600
Q: 2. Given the following information about a credit card account, determine the average daily balance…
A:
Q: A credit card has a 21.99% APR, a minimum monthly payment of 3.15%, and a current monthly statement…
A: A credit card is a pay later facility provided by the banks to its customers. Banks charge interest…
Q: Use average daily balance method to compute finance charge on credit card account for August, 31…
A: Credit Card enables holder to use money beyond the credit balance in checking account up to…
Q: Ryan Gray, a student at State College, has a balance of $330 on his retail charge card; if the store…
A: Interest amount is calculated using the following formula:
Q: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Average-Daily-Balance shows an estimate amount that is due or held in an account on daily basis. It…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Finance charge refers to the amount that is billed to the card account if the previous month’s total…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The term finance charge refers to the cost of borrowed money or the charges that are incurred on the…
Q: You have a credit card that charges an interest rate of 9.5% compounded monthly. The table below…
A: Average Daily balance method is the method in which interest charges for the period are calculated…
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: 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: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Finance Charges on Credit Card: It is the fees associated with using a credit card. Credit card…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Average Daily method: in this method for a billing cycle Each day Balance is Divided by the Total…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Finance charges as per previous balance method = previous balance × periodic rate
Q: Use the average daily method to find the finance charge on the credit card account for September…
A: Finance charge refers to the fees charged by the financial institution for providing credit card…
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: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Given information: Balance amount $3,000 Periodic rate is 17% Payment is $2,500
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: No.of days for a payment to be received and recorded = 10 days Balance = $200 Interest rate = 17%…
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: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Case : As the question provides that the payment receive and record would take time of 10 days .…
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: Use the average daily balance method to compute the finance charge on the credit card account for…
A: Computation:
Q: Use the unpaid balance method to find the finance charge on the credit card account for April. The…
A: GIVEN DATA The starting balance from the previous month is $200. The transactions on the account…
Q: On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15,…
A: The average daily balance can be calculated by dividing the number of days from the sum amount owed…
Q: You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of…
A: APR = 12% Beginning Balance = $200 Payment = $75 1st month charge = $50 2nd month charge = $60
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: As per previous balance method, the interest is ascertained on the outstanding balance at the end of…
Q: Using the unpaid balance method, find the current month's finance charge on a credit card account…
A: Unpaid Balance Method: It is the method where finance charges are calculated based on previous…
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- Find the APR (rounded to the nearest tenth of a percent) for the loan.Purchase a living room set for $3,100 at 12% add-on interest for 4 years. Use the editor to format your answerCalculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $400 balance, 15%, $50 payment (a) previous balance method $ 5 (b) adjusted balance method $ 4.5623 (c) average daily balance method $ 52.19173973XCalculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $4000 balance, 14%, $2,500 payment (a) previous balance method $ (b) adjusted balance method $ (c) average daily balance method $ Need Help? Read It
- Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $200 balance, 15%, $50 payment () previous balance method $2.77 x (b) adjusted balance method $2.09 x Þ (c) average daily balance method $233 xCalculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days ong. (Round your answers to the nearest cent.) $3000 balance, 17%, $2,500 payment (a) previous balance method (b) adjusted balance method (c) average daily balance methodCalculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $4000 balance, 16%, $2,500 payment (a) previous balance method(b) adjusted balance method (c) average daily balance method
- Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. $400 balance, 14%, $100 payment, previous balance methodCalculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $2,000 balance, 15%, $50 payment A) adjusted balance method $ = B) average daily balance method $=Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) Balance: $300 Rate: 17% Payment: $50 Method: Adjusted balance
- calculate the monthly finance charge for the credit card transaction assume that it takes 10 days for the payment to be received and recorded and the month is 30 days long (round your answer to the nearest cent) $675 balance 15%, $625 payment, average daily balance method $___________Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $2,000 balance, 15%, $50 payment (c) average daily balance method $ =Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.) Balance: $350 Rate: 18% Payment: $300 Method: Average daily balance