Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount
If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 12% APR and the following transactions?
Note: Round your answer to the nearest cent.
31-day billing cycle | ||||
10/1 | Previous balance | $ 1,163 | ||
---|---|---|---|---|
10/3 | Credit | $ 80 | Credit | |
10/12 | Charge: King Soopers | $ 147 | ||
10/15 | Payment | $ 300 | Credit | |
10/25 | Charge: Delta | $ 320 | ||
10/30 | Charge: Holiday Fun | $ 60 |
Amount owed:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started