Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(b)Find the average daily balance. Write your answer to the nearest cent. (c)Suppose the credit card company charges an interest rate of 1.3% on the

image text in transcribed

(b)Find the average daily balance. Write your answer to the nearest cent.

(c)Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for November found in part (b). How much interest will be charged? Write your answer to the nearest cent.

(d)What will Sam's beginning balance be for the month of December (including the interest for November found in part (c))?

Here is Sam's credit card statement for the month of November. Date Transaction November 1 Beginning balance November 16 Payment November 23 Purchase November 25 Payment Transaction amount $ 1600.08 S620.00 $56.45 $100.00 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction November 1 Beginning balance November 16 Payment November 23 Purchase November 25 Payment Transaction Unpaid amount balance Number of days at that balance $1600.08 $1600.08 15 days (from November 1 through November 15) S620.00 $980.08 days (from November 16 through November 22) $56.45 s. 2 days (from November 23 through November 24) $100.00 s6 days (from November 25 through November 30) Total: 30 days Unpaid Number balance of days $24,001.20 $ $ $ Total: $0 x $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ready Notes For Use With Managerial Accounting

Authors: Ronald W. Hilton

4th Edition

0073656518, 978-0073656519

More Books

Students also viewed these Accounting questions

Question

=+ 4. What information remains to be obtained?

Answered: 1 week ago