Balance method to calculate finance charges

Assignment Help Basic Statistics
Reference no: EM13848496

A credit card company uses the average daily balance method to calculate its finance charges. Find the finance charge for the month of August (31 days) if the average daily balance for August is $658.58. The annual interest rate is 18%.

July 31

Balance

$580

August 8

Charge

$43

August 11

Payment

$60

August 17

Charge

$160

August 26

Charge

$44

Reference no: EM13848496

Questions Cloud

Treasury bonds with same maturity are yielding : A company's 5-year bonds are yielding 9.7% per year. Treasury bonds with the same maturity are yielding 7.15% per year, and the real risk-free rate (r*) is 2.75%. The average inflation premium is 4%, and the maturity risk premium is estimated to be 0..
Research a health care organization or a network : Health care organization or network in addressing the health care needs of citizens in the next decade, and include a strategic plan that addresses issues pertaining to network growth, nurse staffing, resource management, and patient satisfaction.
What is the new profit-maximizing output : What is the new profit-maximizing output
Personal tax bracket-twin memorial bonds : Karen Smith is in the 40 percent personal tax bracket. She is considering investing in HCA (taxable) bonds that carry a 12 percent interest rate. Suppose that Twin Memorial Hospital has issued tax-exempt bonds that have an interest rate of 6 percent...
Balance method to calculate finance charges : A credit card company uses the average daily balance method to calculate its finance charges. Find the finance charge for the month of August (31 days) if the average daily balance for August is $658.58. The annual interest rate is 18%.
How did sanford defend the plan : How did sanford defend the plan to expand the right of suffrage to the poor
What is role of motivation in entrepreneurial development : What is the role of motivation in entrepreneurial development in Uganda?
What is the firms net income : Assume that Wiley Health System, a for-profit hospital, has $1,000,000 in taxable income for 2015, and its tax rate is 30 percent. What is the firm's net income?
Draw a context diagram of the computerised inventory system : Draw a Context Diagram of the Computerised Inventory System at The Variety Store from the perspective of the Purchasing Department. Please complete using the DIA software and also in word document.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Assume the sample represents the entire population of

a hair salon did a survey of 360 customers regarding satisfaction with service an type of customer. a walk-in customer

  Comparing three treatment conditions

The following data were obtained from an independent measures research study comparing three treatment conditions. Use an ANOVA with alpha=.05 to determine whether there are any significant mean differences among the treatments.

  What is the probability that the household has a fax

according to the consumer electronics manufacturers association 10 of all u.s. households have a fax machine and 52

  Test at a particular point of interest

What happens to the confidence interval and the power of the test at a particular point of interest. As one increases the sample size of a test, all else remaining the same.

  California based on data from sigalert this simple random

listed below are speeds mih measured from southbound traffic on i-280 near cupertino california based on data from

  Perfam variable costs and prices to wholesalers for six

Perfam is a manufacturer of fragrances for women.  It currently sells two brands, one called Allure, which is sold to wholesalers for $40, and another called Beauty, which is sold to wholesalers for $20.  It is considering adding a mid-priced brand c..

  It is claimed that in a bushel of peaches less than ten

it is claimed that in a bushel of peaches less than ten percent are defective. a sample of 400 peaches is examined and

  What is the variance and standard deviation

Twenty three percent of automobiles are not covered by insurance. On a particular weekend, 35 automobiles are involved in accident.

  The table shows regulation distances between hurdles in

question the table shows regulation distances between hurdles in womens and mens races. in both the womens and mens

  The american restaurant association collected information

the american restaurant association collected information on the number of meals eaten outside the home per week by

  Rejecting the null hypothesis-sample evidence

Suppose you always reject the null hypothesis, regardless of any sample evidence.

  Hypothesis test on proportions-work for employs

The company you work for employs 585 assembly-line workers - 526 men and 59 women. 16 men and 10 women have been laid off.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd