Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Here is Hans's credit card statement for the month of November. Date Transaction November ! Beginning balance November 7 Purchase November 19 Payment November 26

image text in transcribed
Here is Hans's credit card statement for the month of November. Date Transaction November ! Beginning balance November 7 Purchase November 19 Payment November 26 Purchase Transaction amount S2250.40 S600.50 S269.00 $580.36 en da (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 ! Beginning balance November 7 Purchase November 19 Payment November 26 Purchase Transaction Unpaid Number of days at that balance amount balance $2250.40 $2250,40 6 days (from November 1 through November 6) $600.50 $2850.90 2 days (from November 7 through November 18) $269.00 $2.581.90 7 days (from November 19 through November 25) S580.36 $3.162 26 5 days (from November 26 through November 30) Total: 30 days Unpaid Number balance of days $13.502.40 55,701.80 $18,073.30 $15.631.30 Total: $52.908.80 x 5 ? (b) Find the average daily balance. Write your answer to the nearest cent. $1.763.62 IC) Suppose the credit card company charges an interest rate of 1.6% 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 Hans's beginning balance be for the month of December (including the interest for November found in part (0) x 3

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

Audit Analytics In The Financial Industry

Authors: Jun Dai

3rd Edition

1787430863, 9781787430860

More Books

Students also viewed these Accounting questions