Use Liam DeWitt's Flash Card statement and the credit calendar for Exercises a-e.
1 answer:
The answers for this task are gotten in most cases by Careful Observation of Liam DeWitt's Bank Account Information.
<h3>What is a Bank Account Information?</h3>
A bank account information refers to all the details present on or which can be deduced from one's statement or record of banking activities..
Liam's Average Daily Balance is: Total sum of balance each day divided by the number of days. That is
(250+87+1300+470-200+34.76+102.71+45.90+84.60)/9
ADB= $241.66
B) Liam's Monthly Periodic Rate (MPR) is the Annual Interest Rate divided by the number of periods. In this case, that will be:
19.8%/12
MPR = 1.65%
C) Liam's Finance Charge is (Average Daily Balance * APR)/365.
That is (241.66 * 19.8)/365 = 13.11%
D) Liam's New Balance is calculated by removing new inflow from old balance. That is
(250+87.60+1,300+470.63+34.76+102.71+45+848.60)-3,240.5
= $-101.20
E) Liam's Available Line of Credit is clearly stated as $4,000.
See the link below for more about Bank Account Information:
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