Top Posters
Since Sunday
23
s
6
t
6
J
5
j
5
s
5
a
5
p
5
f
5
s
5
d
5
j
5

# Edison Restaurant Supply offers the following credit terms: "The finance charge is based upon the ...

wrote...
Posts: 74
Rep:
3 weeks ago
Edison Restaurant Supply offers the following credit terms: "The finance charge is based upon the net balance if payment is made within 25 days of the billing date. If payment is made after 25 days, then the finance charge is based on the previous balance. Net balance equals previous balance less payments, returns and credits. In either case, the monthly interest rate is 1.3% on the first $500 of the net balance and 1.1% on any amount over$500."

Compute the net balance, the finance charge, and the new balance for customer Kimberley's Kitchen for two consecutive months. Assume that both payments were made within the 25-day period.

 Previous Returns/ Net Finance New Balance Payments Credits Balance Charge Purchases Balance a. $2,874.63$   750.00 $261.22 _______ _______$409.74 _______ b. _______ $2,000.00$103.74 _______ _______ \$612.77 _______
Textbook

## Contemporary Business Mathematics for Colleges

Edition: 16th
Authors:
Replies
Answer verified by a subject expert
deathnature9deathnature9
wrote...
Posts: 69
Rep:
3 weeks ago

### Related Topics

flemingpk Author
wrote...

3 weeks ago
 Correct TY
wrote...

Yesterday
 Smart ... Thanks!
wrote...

2 hours ago
 Good timing, thanks!
Explore