Beginning Balances for Quentin's Four Credit Cards Card A Card C Card D Balance $4,134.00 $932.00 $1,269.00 APR (interest rate) 15% 11% 13% Minimum Payment calculation 2% of balance 4% of balance 3% of balance must be at least $15) Minimum Payment this month $82.68 $37.28 $38.07 Months required to payoff Amount of Interest Paid if only minimum payments are made)

Beginning Balances for Quentin's Four Credit Cards Card A Card C Card D Balance $4,134.00 $932.00 $1,269.00 APR (interest rate) 15% 11% 13% Minimum Payment calculation 2% of balance 4% of balance 3% of balance must be at least $15) Minimum Payment this month $82.68 $37.28 $38.07 Months required to payoff Amount of Interest Paid if only minimum payments are made)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 21E

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QUESTION 12 A credit card statement shows the following activity Compute the finance charge if 1.5% is charged on the average daily balance. 6/10/2014 Billing Date $157.35 6/20/2014 Payment 6/25/2014 Purchase $ (45.00) $ 52.20 7/2/2014 On-line Purchase $69.00
Auto 48 months hnttps//www.consumerscu.org/ Use the calculator at https:l/www.bankrate.com/calculators/auto/auto-loan-calculator aspx to calculate the monthly payment and the total interest someone will pay for the following scenarios: Suntrust Bank Monthly Payment (4.34% interest) Alliant Credit Union Monthly Payment (2.74% interest) Total interest Total interest paid paid $29,000 automobile with 10% deposit Monthly Payment (2.74% interest) Total interest Monthly Payment (4.34% interest) Total interest paid paid $29,000 automobile with $12,000 deposit
ezto.mi Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Number of Total of monthly payments $5,849.76 Total finance monthly payments Amount Purchase price of a used car $5,793 Down charge $1,339.76 financed APR payment $1, 283 48 $4,510 13% Monthly Payment es By table By formula
Average Daily Balance Interest Calculation ellus The balance on a credit card, that charges a 12% APR interest rate, over a 1 month period is given in the following table: Days 1-3: Days 4-20: $300 ($100 purchase) Days 21-30: $150 ($150 payment) $200 (initial balance) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [ ? ] Round to the nearest hundredth. Enter 2021 Acellus Corporation. All Rights Reserved.
Outstanding Deposits Date Check Number Date Amount Junouy s 150.190 2000l 287.50 13.50 15 .15 Total to 2.75 $314.50 2 A coshier had credit card sales of8752.40 over the last week, and issued refunds in the amoun If the fee per transaction in 2.5%, how much is owed, what are the net credit sales?
calculate the monthly finance charge for the credit card transaction assume that it takes 10 days for the payment to be received and recorded and the month is 30 days long (round your answer to the nearest cent) $675 balance 15%, $625 payment, average daily balance method $___________
Homework: Section 8.8 Assignment 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. Question 7, 8.8.1 Part 3 of 4 Help me solve this Transaction Description Previous balance, $6240.00 March 1 Billing date March 5 Payment $400.00 credit $50.00 March 7 Charge: Restaurant March 12 Charge: Groceries $100.00 March 21 Charge: Car Repairs $280.00 March 31 End of billing period Payment Due Date: April 9 a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ 6095.81. (Round to the nearest cent as needed.) View an example Transaction Amount 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 $152.40. (Use the answer from part a to find this answer.…
Tutorial Exercise Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. Monthly Periodic Annual Finance Purchases Payments and Credits New Balance Previous Percentage Rate (APR) Charge (in $) and Cash Balance Rate Advances (in $) (as a %) $1,022.61 1.5% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. Monthly Periodic Purchases Payments and Cash Advances Annual Finance New Balance Previous Percentage Rate (APR) Charge (in $) and Credits Balance Rate (as a %) (in $) $1,022.61 1.5% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. APR monthly periodic rate = 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate x 12 The…
Find the maturity value, discount period, discount, and proceeds for a promissory note that is discounted at 10%. Use banker's interest of 360 days. Loan Face Made on Value Length of Loan (Days) 200 Date of Discount April 5 $3500 Aug. 26 Click the icon to view the Number of Each of the Days of the Year table. Rate % 9
JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed 7,000 cash from the bank, giving a 60-day non- interest- bearing note. The note is discounted 8 % by the bank. Nov. 14 Paid the 7,000 note, recognizing the discount as interest expense.
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Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan include a repayment of principal in ten equal installments, paid annually from March 1. The annual interest rate on the loan is 8%, recognized on December 31. (Round answers to the nearest whole dollar if needed.) A. Compute the interest recognized as of December 31 in year 1 rounded to the whole dollar. B. Compute the principal due in year 1.