Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help solve the below problem e 3. Hector's credit card charges a 3.5% periodic rate using the unpaid-balance method. He had a finance charge

please help solve the below problem e

image text in transcribed

3. Hector's credit card charges a 3.5% periodic rate using the unpaid-balance method. He had a finance charge of $25.30, he made a payment of $510.00, and he made no new purchases. What was his unpaid balance? What is the new balance? 4. Carla's Tool Shop uses the unpaid-balance method to compute finance charges. Aldo has a charge account with the shop is charged a 1.5% periodic rate. His previous balance was $469.32, and he had payments and credits of $120.00. If he had new purchases of $107.50, find his (a) unpaid balance, (b) finance charges, and (c) new balance. 5. Find the average daily balance. Payment Purchase Date of Days $100.00 2/1-2/9 2/10 2/11-2/17 2/18 2/19 - 2/28 End-of-Day Balance $450.00 350.00 350.00 d. f. X Number Sum of Balances 9 a. 1 b. X 7 c. 1 e. 8 h. Total i. j. Average Daily Balance m. $ 45.00 Sum of Daily Balance Number of Days I. k

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

ISE International Financial Management

Authors: Cheol Eun, Bruce Resnick, Tuugi Chuluun

9th International Edition

1260575314, 9781260575316

More Books

Students also viewed these Finance questions

Question

=+b) What was the purpose of using Major as a blocking factor?

Answered: 1 week ago