Purchase Solution

My credit card balance on April 1st was $40.

Not what you're looking for?

Ask Custom Question

My credit card balance on April 1st was $40. On April 7th, I made a $10 payment and on April 25th I charged a $25 item. The credit card company charges a finance charge of 2% on the average daily balance. On May 1st what will my balance be?

Purchase this Solution
Solution Summary

The solution provides detailed explanations and solutions for the problem.

Solution Preview

I'm assuming the 2% you're referring to is the 'monthly' interest rate.
From April 1st to ...

Purchase this Solution
Free BrainMass Quizzes
Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Motivation

This tests some key elements of major motivation theories.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

View More Free Quizzes
Related BrainMass Solutions

  • Park & Jason, Inc.

    Charlie Consumer's credit card balance on April 1st was $40. On April 7th, he made a $10 payment and on April 25th he charged a $25 item.

  • Multiple Choice questions on TVM (Time Value of Money)

    . $12.20 Question 4 : Charlie Consumer's credit card balance on April 1st was $40. On April 7th, he made a $10 payment and on April 25th he charged a $25 item.

  • Bogus Company's Bank Reconciliation

    92401 Bank Reconciliation Prepare the bank reconciliation based on the following information; Bogus Company's cash records for April 2004: CASH RECEIPTS (CR) date cash debit check # cash credit april

  • Accounting problems

    Recorded $500 accrued interest on a note receivable due next year. ____________ f. Made an American Express credit card sale for $3,000 g. Advanced $1,000 to a trusted employee ___________ Problem 2 On October 1st, 2008.

  • Credit sales: interest and service fees

    118857 Journalize entries for credit card sales. Presented below are two independent situations. (a) On April 2, Julie Keiser uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,800.

  • Accounting: Notes Receivable and Interest

    interest, as entry to record the note receivables would have been recorded on 1st May Interest for 1 month = 2000*9%*1/12 = $15 Debit Accrued Interest $15 Credit Interest Income $15 The solution computes interest & total payment for Note's Maturity

  • Credit card usage of college students

    314775 Research on college students' credit card uses I am currently working on a research project on college/university students' credit card use behavior and attitudes.

  • Journal entries, trial balance: Hafner, former tennis star

    (c) Prepare a trial balance on April 30, 2008. See attached Excel file for journal entries and T-accounts. A separate tab in Excel shows the trial balance in better format.

  • What is on the personal budget balance sheet, why important?

    This also shows how much I can save each month or the surplus available to repay the credit cards. In my personal balance sheet I see cash in my bank account, my vehicle, and my retirement account. I also see my credit card balances.

View More Related Solutions