F1 DElizabeth went on a fabulous vacation in May and racked up a lot of charges onher credit card. When it came time to pay her June credit card bill, she left abalance of $1180.00. Elizabeth's credit card billing cycle runs from the 19th ofeach month to the 18th of the next month, and her interest rate is 19.5%. Shestarted the billing cycle June 19-July 18 with a previous balance of $1180.00. Inaddition she made three purchases, with the dates and amounts shown in thetable to the right. On July 15 she made an online payment of $510.00 that wascredited to her balance the same day. Complete parts (a) through (c).DateAmount ofpurchase/payment6/21$182.786/30$40.00$94.427/57/15 Payment $510.00(a) Find the average daily balance on the credit card account for the billing cycle June 19-July 18.The average daily balance for the billing cycle is $(Round to the nearest cent as needed.)

Step 1: From the question, we have the outstanding balance of June month and the current billing…

Answered: D Elizabeth went on a fabulous vacation…

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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Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest rate on that credit card is 18.36%. The minimum payment on that card is the interest charge ( 365 n) plus 3% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $2,834.4, what would be the balance on her credit card after she made that payment for that month? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 1289.65
Last month the average daily balance on Caitlins credit card was $1854.85 that there were 28 days in that month and her annual interest rate was 17.3% what is the amount of interest that she will pay on her credit card that month
Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day billing cycle. The current balance is x and the APR is 24%. Rebecca is buying a friend an expensive gift that costs $1,400 that she plans to put on her credit card. This will be her only purchase this month. She will bemaking this purchase on the last day of the month. Part A if her finance charge will be $51 write and solve an equation to determine her current balance on her credit card show your work. Part B How much in finance charges can she save by making the purchase on the last day of the billing versus the first day of billing? Explain
Ja’Mila makes a $350 purchase with her new credit card. The card has a 21% annual interest rate and $35.00 minimum payment due on the 10th of every month. Given that her starting balance is $350, if she pays the minimum payment by October 5th, what amount, to the nearest cent, is applied to interest? $ What amount, to the nearest cent, is applied to the principal? $
Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card. She paid the previous month's statement balance in full. The card carries a finance charge rate of 16%. What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?
Jerrod Dean starts the month with a balance on his credit card of $1,060. On the 10th day of the month, he purchases $220 in clothes with his credit card. On the 15th day of the month he makes a payment on his credit card of $350. The bank charges 1.5 percent interest per month using the adjusted balance method (and excludes new purchases). What would Jerrod's finance charges be for the month? Multiple Choice $11.34 $15.90 $19.20 $13.26 $10.65
Last month, Kaitlin's average daily balance on her credit card was $1,180.81. The annual interest rate on that credit card is 17.52%. The minimum payment on that card is the interest charge ( /= •n) plus 2% of the ending balance or $25, which 365 ever is larger. If there were 31 days in that month and the ending balance was $1,903.31, what would be the minimum payment that Kaitlin could make? O $66.39 O $55.07 $41.19 $25.00 O $55.64
Last month, Kaitlin's average daily balance on her credit card was $1,363.16. The annual interest rate on that credit card is 17.5%. The minimum payment on that card is the interest charge (in the image) plus 3.5% of the ending balance or $25, which ever is larger. If there were 29 days in that month and the ending balance was $1,833.73, what would be the minimum payment that Kaitlin could make? Round your answer to the nearest penny.
Tallulah has a credit card through BestBank. Her credit card has a $5,000.00 limit and a 15% APR. Her balance at the end of the April is $350.00. Her average daily balance was $88.00. If Tallolah pays $50 (of the $350 bill), how much interest will be added to her next bill if her bank uses the average daily balance method?
Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the loan was September 7. Jennifer hoped to repay the loan on January 15. How much will Jennifer pay on January 15 if she pays off the loan on that date?
Trina Alcala deposited $1,950 in a new credit union savingsaccount on the first of the quarter. The principal earns 4.25% interestcompounded quarterly. She made no other deposits or withdrawals.a. What was the amount in her account at the end of 6 months?b. What is the compound interest?
Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest charges, which are 1.8% per month on the unpaid balance. Find the interest charges if she moves the debt to a credit card charging 0.7% per month on the unpaid balance. What are the interest charges at 1.8% a month? What are the interest charges at 0.7% a month? What are the savings that using the 0.7% card brings over the 1.8% card?

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