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vazorg [7]
3 years ago
11

Randy Ice starts the month with a balance on his credit card of $1000. On the 10th day of the month, he purchases $200 in clothe

s with his credit card. On the 15th day of the month he makes a payment on his credit card of $500. The average daily balance for the month including the new purchase is $883. The average daily balance for the month excluding the new purchase is $750. The bank charges 1.5 percent per month and uses the average daily balance excluding new purchases method. What would Randy's finance charges be for the month
Business
1 answer:
Eva8 [605]3 years ago
6 0

Answer: $11.25

Explanation:

From the above question, The bank charges 1.5 percent per month and uses the average daily balance excluding new purchases method.

The average daily balance for the month excluding the new purchase is $750.

Therefore, the finance charge =

$750 x 1.5%

= $11.25

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Ideas of reference.

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1 year ago
Each of the following statements may (or may not) describe one of these technical terms. In the space provided below each statem
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3 years ago
Swifty Corporation's allowance for uncollectible accounts was $187500 at the end of 2017 and $180500 at the end of 2016. For the
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Answer:

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Allowance for uncollectible accounts at the end of 2017 = Allowance for uncollectible accounts at the end of 2016 + Bad debt expense of 2017 - The amount of write off actual bad debts.

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3 years ago
In Marubeni America Corp. v. United States, the federal appellate court ruled that the Nissan Pathfinder was, for tariff classif
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Tariff is a form of tax that is usually imposed on the imports that are brought from other countries to a particular country.

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