Margeaux's bill of P6 000 was due on March 6. Apurchase of P 2 000 was made on March 18 and P 4 500was charged on March 25. A payment of P 7 500 wasmade on March 22 and she also made a purchase of P 2750 on March 28. The interest on the average dailybalance is 3.5% per month. Find the average dailybalance if the billing date is every 6th of the month.Answer:

Average daily balance is calculated as the average of the account balance at the end of each billing…

Answered: Margeaux's bill of P6 000 was due on…

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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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 was charged on March 25. A payment of P 7 500 was made on March 22 and she also made a purchase of P 2 750 on March 28. The interest on the average daily balance is 3.5% per month. Find the current balance if the billing date is every 6th of the month. Answer:
Answer the following. 1. A bill for P1024 was due on July 1. Purchases of P315 were made on July 7, and P410 was charged on July 22. A payment of P400 was made on July 15. The interest on the average daily balance is 1.2% per month. Find the finance charge on the August 1 bill.
On November 1, the balance on your credit card is $533.76. On November 6, you make a purchase for $49.30. On November 8, you make a payment of $155. On November 12, you make a purchase for $76.51, and on November 25, you make a purchase for $32.64. Assume the billing date is the 1st of the month and the monthly finance charge is 1.7%. What is the average daily balance? $ What is the monthly finance charge? $ What is the balance at the start of the next month? $
Assume that you start with a balance of $3900 on your credit card.During the first month you charge $400. During the second month you charge $650 and make a payment of $280. Assume that your credit card charges a 29% APR and each month you make the minimum payment of 2.5% of the balance. Complete the following table. Round your answer to the nearest cent. Month 1 Previous balance- $3900 Finance charge- $94.25 Purchase- 400 Payment ?97.50 New balance? Month 2 Previous balance- finance charge- purchase- payments- New balance
An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000 was made on November 10, and a payment of P2,300 was made on November 16. The interest on the average daily balance is 2.7% per month. Find the finance charge on the November 18 bill.
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $154.97, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $35.00 March 17 tools $38.57 what is the average daily balance? what is the finance charge?
Suppose the charge account of Black's Mailing Service at the local supply store had a 1.7% interest rate per month on the average daily balance. Find the Black's finance charge on April 1 if Black's had an unpaid balance on March 1 of $106.77, a payment of $25.00 posted on March 6, and a purchase of $25.29 posted on March 18. The billing cycle ends March 31.
Suppose the charge account of Black's Mailing Service at the local supply store had a 1.7% interest rate per month on the average daily balance. Find the Black's finance charge on April 1 if Black's had an unpaid balance on March 1 of $109.33, a payment of $10.00 posted on March 13, and a purchase of $29.82 posted on March 24. The billing cycle ends March 31. The Black's finance charge is S. (Round to the nearest cent as needed.)
On May 1, the balance on your credit card is $573.26. On May 6, you make a purchase for $102.55. On May 9, you make a payment of $300. On May 17, you make a purchase for $22.16, and on May 28, you make a purchase for $41.78. Assume the billing date is the 1st of the month and the monthly finance charge is 2%. What is the average daily balance? $ What is the monthly finance charge? $ What is the balance at the start of the next month? $
You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of $200, in response to which you make a payment of $75. The first month you make charges amounting to $50. You make a payment of $75 to reduce the new balance, and the second month you charge $60. Previous balances, payments and purchases for the months 1 and 2 are given in the table below: Month Previous Balance Payment Purchases Finance Charge New Balance 1 $200 $75 $50 a:$ b:$ 2 $ $75 $60 c:$ d:$
1. A bill for P1024 was due on July 1. Purchases of P315 were made on July 7, and P410 was charged on July 22. A payment of P400 was made on July 15. The interest on the average daily balance is 1.2% per month. Find the finance charge on the August 1 bill.
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average dally balance. Finally, find the new balance. Previous Balance: $556.32 Billing date: July 9 July 15, Return, $114.45 July 17, Purchase, $98.12 July 25, Purchase, $76.12 August 7, Payment, $110 What is the average daily balance? What is the finance charge? What is the new balance?

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