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Calculate The Monthly Finance Charge
Calculate The Monthly Finance Charge. (c) average daily balance method. The usual way to calculate the credit card finance charge is to multiply the average daily balance by the annual percentage rate (apr) and the number of days in the billing cycle.

The finance charge would be the 1.5% of the average daily balance. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. 6.suppose that you make a $1,125 charge on a credit card with a 23% apr.
Assume That It Takes 10 Days For A Payment To Be Received And Recorded, And That The Month Is 30 Days Long.
Calculate the monthly finance charge for the credit card transaction. The usual way to calculate the credit card finance charge is to multiply the average daily balance by the annual percentage rate (apr) and the number of days in the billing cycle. Basically the issuer of the card may choose one of the following methods to calculate the finance charge value:
These Two Are The Simplest Methods And.
Use the fixed payments tab to calculate the time to pay off a loan with a fixed monthly payment. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (round your answer to the nearest cent.)$3,000 balance, 21% rate, $1,500 payment, adjusted balance method.
First Two Approaches Either Consider The Ending Balance Or The Previous Balance.
Calculate the monthly finance charge for the following credit card transaction. Calculate the monthly finance charge for the credit card transaction. The first thing to remember is that the annual percentage rate (apr) you will see when calculating your loan is always different.
Assume That It Takes 10 Days For A Payment To Be Received And Recorded And That The Month Is 30 Days Long.
Calculate the monthly finance charges for the following credit card transaction, assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. The payment calculator can determine the monthly payment amount or loan term for a fixed interest loan. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long.
6.Suppose That You Make A $1,125 Charge On A Credit Card With A 23% Apr.
Assume 365 days in a year. The product is then divided by 365. (round your answers to the nearest cent.) $300 balance, 15%, $50 payment (a) previous balance method $ (b) adjusted balance method $ (c) average daily balance method.
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