{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

MM final first sem with AKS

MM final first sem with AKS - Computes the finance charge...

This preview shows pages 1–3. Sign up to view the full content.

Computes the finance charge for a charge account/credit card by unpaid balance method and average daily balance method 1. Mimi has an unpaid balance of $148 on her department store credit card. If the periodic finance charge rate is 1.75%, compute the finance charge she will pay using the unpaid balance method. A.$3.56 B. $2.59 C.$1.78 D. $2.11 Answer: B 2. Tony has a bank charge card. For the billing period from September 1 st to September 15th, he owed$300 and from September 16th to September 30th, he owed $500. Using 1.45% periodic rate, find the finance charge he will pay using the average daily balance method for the month of September where no new purchases are included. Calculates the finance charge and monthly payment on an installment plan. MONTHLY PAYMENT ON A$100 LOAN TERM IN ANNUAL PERCENTAGE RATE MONTHS 10% 6 \$17.16 12 8.79 18 6.01 24 4.61 30 3.78 36 3.23

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern