TransactionAmountThe credit card with theTransaction Descriptiontransactions described on the rightuses the average daily balancemethod to calculate interest. ThePrevious balance, $6310.00March 1 Billing dateMarch 5 PaymentMarch 7 Charge: RestaurantMarch 12 Charge: GroceriesMarch 21 Charge: Car Repairs $210.00March 31 End of billing periodPayment Due Date: April 9monthly interest rate is 2.5% of theaverage daily balance. Calculateparts a-d using the statement onthe right.|$400.00 credit$60.00$70.00a. Find the average daily balance for the billing period. Round to the nearest cent.The average daily balance for the billing period is $.(Round to the nearest cent as needed.)

In this we need to calculate the average daily balance of the credit card.

Answered: right ses the average daily balance…

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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The credit card with the itemized billing statement below uses the average daily balance method to calculate interest. The monthly interest rate is 1.7%. Find the minimum monthly payment due on July 9 if the minimum monthly payment is 1/25th of the balance due on July 1st, rounded up to the nearest dollar. Show work. Transaction description Previous balance, $2645.04 Billing Date Payment Charge: Gas Charge: groceries End of billing period June 1 June 6 June 8 June 17 June 30 Payment Due Date: July 9 Transaction amount $1800.00 credit $41.37 $130.01
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.6% of the average daily balance. Calculate parts a-d using the statement in the popup. transaction description transaction amount previous balance, $2646.05 June 1 billing date June 6 payment $1000.00 credit June 8 charge: gas $36.02 June 9 charge: groceries $138.48 June 17 charge: gas $42.18 charge: groceries $126.42 June 27 charge: clothing $215.69 June 30 end of billing period Payment due date: July 9 A) Find the average daily balance for the billing period. Round to the nearest cent. B) Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) C) Find the balance due on July 1. (Use the answer from part b to find this answer.) D) This credit card requires…
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.2% of the average daily balance. Calculate parts a-d using the statement below. transaction description transaction amount Previous balance, $2654.19 June 1 Billing date June 6 Payment $1100.00 credit June 8 Charge: gas $35.41 June 9 Charge: groceries $138.42 June 17 charge: gas $41.68 charge: groceries $127.27 June 27 charge: clothing $215.41 June 30 end of billing period Payment due date: July 9 A) Find the average daily balance for the billing period. Round to the nearest cent. B) Find the interest to be paid on July 1, the next billing date. Round to the nearest cent. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) C) Find the balance due on July 1. (Use the answer from part b to find this answer.) D) This credit card…
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The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. A. Find the interest to be paid on july 1, the next billing date. Round to the nearest cent. The interest to be paid on july 1 $__
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Transaction Amount Previous balance, $6230.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 $250.00 credit $30.00 $80.00 a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $. (Round to the nearest cent as needed.) b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) c. Find the balance due on April 1. The balance due on April 1 is $. (Use…
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. A. find the balance due on April 1 $_
In the credit terms 1/10, n/30, what does the "1" represent? Group of answer choices number of days when the entire amount is due number of days in the discount period full amount of the invoice 1% cash discount if paid within the credit period
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. a. Find the average daily balance for the billing period. Round to the nearest cent.The average daily balance for the billing period is $_ B.Find the interest to be paid on April 1, the next billing date.Round to the nearest cent. C.Find the balance due on April 1.
The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.4% of the average daily balance. Calculate parts a-d using the statement in the popup. EClick the icon to view the credit card statement. ..... a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) Credit card statement Transaction Description Previous balance, $2647.59 Billing date Payment Charge: Gas Charge: Groceries Charge: Gas Charge: Groceries Charge: Clothing June 30 End of billing period Payment Due Date: July 9 Transaction Amount June 1 $1200.00 credit $34.38 $136.53 $41.64 $127.54 $215.18 June 6 June 8 June 9 June 17 June 27 Print Done

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