Calculate the monthly finance charge for credit card
Not what you're looking for?
Calculate the monthly finance charge for the 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. (Round your answers to the nearest cent.)
$500 balance, 16%, $50 payment
(a) previous balance method
$
(b) adjusted balance method
$
(c) average daily balance method
$
Purchase this Solution
Solution Summary
The solution gives detailed steps on computing the monthly finance charge for the credit card transaction using 3 methods. All formula and calcuations are shown and explained.
Solution Preview
(a) previous balance method
Since the annual rate is 16%, the monthly rate is 16%/12=4/300
Hence, using previous balance method, financial ...
Purchase this Solution
Free BrainMass Quizzes
Know Your Linear Equations
Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.
Geometry - Real Life Application Problems
Understanding of how geometry applies to in real-world contexts
Exponential Expressions
In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.
Solving quadratic inequalities
This quiz test you on how well you are familiar with solving quadratic inequalities.
Graphs and Functions
This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.