Author Question: Adriana's credit card has an APR of 12.5 for purchases and 21 for cash advances. The company uses ... (Read 57 times)

sabina

  • Hero Member
  • *****
  • Posts: 563
Adriana's credit card has an APR of 12.5 for purchases and 21 for cash advances. The company uses the average daily balance method with a daily periodic rate for purchases and cash advances. They also charge an additional cash advance fee of 55 per transaction. In a 30-day billing cycle, Adriana has an average daily balance of 423.92. She took a cash advance of 350.00 during the cycle and must pay finance charges for 23 days. What are her total finance charges?

Question 2

The credit card statement of Hayden Bolt for February listed these items: 2/1, previous balance, 376.18; 2/5, purchase, 178.66; 2/10, payment, 200.00; and 2/23, purchase, 73.51. The credit card company uses the average daily balance method excluding purchases and a daily periodic rate of 0.000493. Assuming it is not leap year, what is Hayden's finance charge for February and his new balance?



SomethingSomething

  • Sr. Member
  • ****
  • Posts: 323
Answer to Question 1

63.99

Answer to Question 2

3.32, 431.67



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

For a complete list of videos, visit our video library