Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 24%. Complete the following three-month account activity table for Kathy. Calculate the missing values in each row (where you see "(???)"). Then enter the missing values in the last row. Round your answers to the nearest cent. Do not round intermediate calculations. Previous Purchases New Balance Month's Finance and Cash Payments End of Month Balance Charge Advances and Credits Month January $580.00 (???) $154.73 $125.00 (???) February (???) (???) $64.01 $115.00 (???) March 578.80 $ 11.60 $207.15 $120.00 480.00

Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 24%. Complete the following three-month account activity table for Kathy. Calculate the missing values in each row (where you see "(???)"). Then enter the missing values in the last row. Round your answers to the nearest cent. Do not round intermediate calculations. Previous Purchases New Balance Month's Finance and Cash Payments End of Month Balance Charge Advances and Credits Month January $580.00 (???) $154.73 $125.00 (???) February (???) (???) $64.01 $115.00 (???) March 578.80 $ 11.60 $207.15 $120.00 480.00

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $641.17 $11.22 $31.45 $85.00 $598.84 May $283.33 $135.00
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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.) $4000 balance, 14%, $2,500 payment (a) previous balance method $ (b) adjusted balance method $ (c) average daily balance method $ Need Help? Read It
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