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Author Question: Alice Brontworth's credit card statement for November showed these items: 11/1, previous balance, ... (Read 97 times)

bobbysung

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on: Jun 24, 2018
Alice Brontworth's credit card statement for November showed these items: 11/1, previous balance, 121.33; 11/7, purchase, 59.10; 11/11, purchase, 23.27; and 11/17, payment, 110.00. Alice's card company uses a 1.75 monthly periodic rate and the average daily balance method including purchases. What is Alice's finance charge for November and the new balance?

Question 2

Hernando Fuentes uses a credit card that has a 21.9 APR and uses the adjusted balance method to calculate finance charges. Hernando's statement listed these facts: previous balance, 579.47; new purchases, 229.13; late payment fee, 29.00; payments, 150.00; and credits, 76.39. If the credit card company uses a daily periodic rate, what is Hernando's finance charge and new balance on a 30-day billing cycle?


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asdfasdf

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Reply #1 on: Jun 24, 2018
Answer to Question 1

2.32, 96.02

Answer to Question 2

6.36, 617.57


bobbysung

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Reply 2 on: Jun 24, 2018
Great answer, keep it coming :)

emsimon14

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Reply 3 on: Yesterday
Wow, this really help

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