Explain what is the finance charge for the cycle

Assignment Help Financial Management

Reference no: EM131961301

In John Balfour's credit card account interest is charged on the average daily balance. The cycle begins on May 4, and the cycle ends on June 3.

The beginning balance is $285.11. A payment of $50 is posted on May 18. A charge of $19.06 is posted on May 7.

A charge of $54.89 is posted on May 12. A charge of $108.19 is posted on May 29. John is charged 1.48% per period.

What is the finance charge for the cycle? The finance charge for the cycle is $. (Round to the nearest cent as needed.)

Reference no: EM131961301

Questions Cloud

Suggestions for improving : Explain and defend you answer. Any suggestions for improving the test and/or validation procedure?

What will be her new monthly payment in this case : If she amortizes the remaining balance at 2.1% for 5 years, her loan company will charge her $2500 in fees which will be added to the amount of the loan.

Write a paper on is global climate change caused by humans : Write an argumentative research paper on Is Global Climate Change caused by Humans? The paper include 4 quotes related to the topic and must have 5 sources.

What fraction of her wealth at death now was inherited : Joan dies in 2017 leaving an estate of $ 1 m. She inherited $50,000 from her father in 1980. From 1980 to 2017 the average nominal return on capital was 8%.

Explain what is the finance charge for the cycle : The beginning balance is $285.11. A payment of $50 is posted on May 18. A charge of $19.06 is posted on May 7.

Explain how different your personal perceptions : Explain how different your personal perceptions of your strengths and weaknesses are compared to the perceptions others have of you.

What is the main external conflict in the story : What is the main external conflict in the story? Do any of the characters have an internal conflict? How is the conflict intensified?

How much interest is included in the 5th payment : The principal repaid in the first payment is 500 Interest is an annual effective rate of 2.5%. How much interest is included in the 5th payment?

Is there anything wrong with what adam did : The next day, Adam, who was at dinner with John the prvious night, purchases all of the shares of ABC Cooling, Inc. that are available.

User Account

All Pages