The average daily balance of a credit card for the month of December was $870, and the unpaid balance at the end of the month was $960. If the monthly interest rate is 18% of the average daily balance, what is the total balance on the next billing date January 1? Round your answer to the nearest cent.
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- Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.9%. The itemized billing for the month of August is shown below The average daily balance has already been computed and is $2739.52. (a) Find the interest due for this month. $ (b) Find the total balance owed on the last day of the billing period. $ (c) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $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?Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $230. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 18% on the account and that the billing date is August 1st. The finance charge for the month of August is $. (Round to the nearest cent as needed.) Date August 6 August 14 August 20 August 25 Transaction Made payment of $85 Charged $140 for hiking boots Charged $17 for gasoline Charged $25 for restaurant meal
- Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.6%. The itemized billing for the month of August is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date August 1 August 9 August 10 August 18 August 25 August 31 September 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. $ Amount 1085 125 1130 140 995 (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $290. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 21% on the account and that the billing date is August 1st. (see image for table.) The finance charge for the month of August is $___A credit card account’s due date is June 9, and the outstanding balance on that day is $460. On that same day, the card holder sends in a payment of $75 and uses the card for a $20 purchase. The card is used again on June 13th and June 24th for purchases of $154 and $54, respectively. If the credit card interest rate on the average daily balance is 2.5% per month, what is the finance charge for the month? Round your answer to the nearest cent.
- Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.)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 $__Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 2.4%. The itemized billing for the month of August is shown below. Detail Date Amount Unpaid balance August 1 635 Charge August 9 470 Charge August 10 860 Charge August 18 275 Payment received August 25 665 Last day of billing period August 31 Payment due date September 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. $ (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month?
- Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $300. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 22% on the account and that the billing date is August 1st.You owe $1,032.56 on a credit card with an 11.25% APR. The minimum due is $150.00. What is the difference in the interest accrued if you pay the minimum amount due at the beginning of the month versus at the end of the month? Using the credit card information from above, you decide to pay $300.00 instead of $150.00 at the beginning of the month. How much do you save in interest by doubling the amount?Use the unpaid balance method to find the finance charge on the credit card account for August. The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 21% on the account and that the billing date is August 1st.