Mixed
What is meant by the unpaid balance on a charge account?
A. the interest you owe
B. the amount you can charge each month
C. the portion of any previous balance you have not paid
C. the portion of any previous balance you have not paid
$532.75 + $45.90 + $38.90 + $16.55
$634.10
What is the equation to find the unpaid balance?
Unpaid Balance
= Previous Balance – (Payments + Credits)
Write as a decimal.
86.4%
0.864
If the sum of the daily balances of a credit
card totals $3,865.50 over 30 days, what is
the average daily balance?
$128.85
What does a credit card allow you to do?
A. buy whatever you want and get a discount
B. delay payment for a purchase
C. borrow money without paying interest
B. delay payment for a purchase
Alice Nako’s monthly credit card statement has a previous balance of $307.85. It shows Alice’s $40.00 payment. This month’s new purchases were $9.50 and $41.75. The account posted a $23.75 credit, and the finance charge is $4.62.
Determine the new balance.
$299.97
The regular selling price of a popcorn popper is $53.99. The markdown rate is 45%. What is the selling price?
$29.69
On Friday, you worked from 7:15 am to 11:30 am and then from 12:15 pm to 4:45 pm. How many hours did you work?
8.75 hours
What is 23.6% of 4,585?
1,082.06
What does a credit card company use as the base for finance charges when it uses the
average daily balance method?
A. the last item you bought
B. the average of the daily account balances
C. the number of days in the year
B. the average of the daily account balances
Chan Hee Wu purchased a bicycle for $259.99 and a helmet for $62.99.
The sales tax rate is 8.25%. What is the total purchase price?
$349.63
Omar Tariq has a credit card that uses the unpaid-balance method to compute the finance charge. His monthly periodic rate is 2.4%. During this past billing cycle, he charged a total of $256.28 and made payments totaling $350.00. If he has a finance charge of $18.28, find his (a) unpaid balance,
$761.67
What is the equation for Average Daily Balance?
Average Daily Balance =
Sum of Daily Balances divided by the Number of Days
If Scott Hoff has a balance of $429.50 on a credit card that charges a finance charge computed at 2.5%, what is the new balance? Round your answer to the nearest cent.
$440.24
What is a charge account?
A. a line of credit at a business
B. a record of your purchases
C. a monthly statement
A. a line of credit at a business
4.5% of 840
37.8
Find the new balance.
Previous balance: $1,280; payment: $200; new purchases: $52 and $48; periodic rate: 1.6%.
$1,197.28
The finance charge is computed at 1.5% of the average daily balance.
Average Daily balance - $491.67
Number of days - 30
Sum of daily balance - $14,750
Find the finance charge.
$7.38
Your credit card has a $2,142.62 balance.
You charge $475.95. What is the new balance?
$2,618.62
What does your credit account statement tell you?
the items you purchased during a one-month period
Amber Cho’s monthly statement for her credit card shows a $529.78 previous balance, her $85.00 payment, a $7.95 finance charge, and credits of $49.45 and $39.22. This month’s new purchases are $277.32 and $38.20.
Determine the new balance.
$679.58
Previous balance: $1,221.35; payment: $300; new purchases: $25.90 and $18.53; periodic rate: 1.75%.
$981.90
The finance charge is computed at 1.5% of the average daily balance.
Average Daily balance - $491.67
Number of days - 30
Sum of daily balance - $14,750
Finance Charge - $7.38
Find the unpaid balance.
$350
Tony Albert’s credit card finance charge is based on the average-daily-balance method with new purchases included. His monthly periodic rate is 2.25% and his finance charge for the past billing cycle was $12.60.
Find his average daily balance.
$560