11) The balance on Ramon Felipe's credit card on January 19, his billing date, was $281.38. Forthe period ending February 19, Ramon had the following transactions to the right.a) Find the average daily balance for the billing period.b) Find the finance charge to be paid on February 19. Assume an interest rate of 1.2% perJanuary 21 Charge:$44.63Restaurant meal$190.00January 22 PaymentFebruary 7 Charge:$49.22month.Lawn ornamentsc) Find the balance due on February 19.February 9 Charge:$212.85Microwave ovena) The average daily balance for the billing period was $(Round to the nearest cent as needed.)

Credit cards are a type of short-term financial instrument that allows the cardholder to make…

Answered: The balance on Ramon Felipe's credit…

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 transactions described in the pop-up below, uses the average daily balance method to calculate interest. The monthly interest rate is 1.7% of the average daily balance calculate parts a-d using a statement in the pop-up. a. Find the average daily balance, for the billing record round to the nearest cent the average daily balance for the billing period is $__? b. 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 is $__? c. Find the balance due on July 1. The balance due on July 1 is $__? d. This credit card requires a $30 minimum monthly payment if the balance due at the end of the billing period is less than $400. Otherwise, the minimum monthly payment is 1/25 of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by July 9? The minimum monthly payment is $__?
The balance on Ramon Felipe's credit card on January 18, his billing date, was $249.35. For the period ending February 18, Ramon had the following transactions to the right. a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 18. Assume an interest rate of 1.2% per month. c) Find the balance due on February 18. January 20 Charge: $40.37 Restaurant meal January 25 Payment February 1 Charge: $150.00 $47.49 Lawn ornaments February 2 Charge: $192.01 Microwave oven a) The average daily balance for the billing period was $ (Round to the nearest cent as needed.) b) The finance charge to be paid on February 18 is $ (Round to the nearest cent as needed.) c) The balance due on February 18 is $ (Round to the nearest cent as needed.)
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 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 transaction 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.The average daily balance for the billing period. B.Find the interest to be paid on july 1,the next billing date. C.Find the balance due on july 1.
The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is carrying a balance of $458 from the previous billing cycle. During the current billing period, the following transactionsoccurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the finance charge. Post date Description AmountSept 18 Payment $35.00Sept 26 Purchase $125Oct 3 Purchase $84 Date Range
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. A. Find the average daily balance for the billing period. B.Find the interest to be paid on july 1, the next billing date. C.Find the balance due on july 1.
The balance on Ramon Felipe's credit card on January 17,his billing date, was $362.79. For the period ending February 17,Ramon had the following transactions to the right. a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 17.Assume an interest rate of 1.2% per month. c) Find the balance due on February17.
10. The balance on Ramon Felipe's credit card on January 18, his billing date, was $265.87. For the period ending February 18, Ramon had the following transactions to the right. a) Find the average daily balance for the billing period b) Find the finance charge to be paid on February 18 Assume an interest rate of 1.2% per month. c) Find the balance due on February 18 January 24 Charge: $32.39 Restaurant meal January 30 Payment February 3 Charge: $140.00 $16.04 Lawn ormaments February 14 Charge: $185.57 Microwave oven a) The average daily balance for the billing period was $ (Round to the nearest cent as needed.) b) The finance charge to be paid on February 18 is $ (Round to the nearest cent as needed.) c) The balance due on February 18 is $ (Round to the nearest cent as needed.)
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 1.2% 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…
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…

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