Recent Posts • Latest Topics • Unanswered Questions

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

flemingpk

wrote...

Go to Answer

Posts: 134

Rep:

A year ago

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

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: 16^th

Authors: Deitz, Southam

Read 64 times

1 Reply

Report

Replies

Answer verified by a subject expert

deathnature9

wrote...

Posts: 131

Rep:

A year ago

More solutions for this book are available here

Report

Related Topics

flemingpk Author

wrote...

A year ago

This calls for a celebration Person Raising Both Hands in Celebration

derya1234

wrote...

Yesterday

Brilliant ツ

2ne1_12345

wrote...

2 hours ago

Thanks

New Topic

Quick Reply

Explore

Post your homework questions and get free online help from our incredible volunteers

1133 People Browsing

Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook

Live Chat

Related Images

308

314

275

Your Opinion

Previous poll results: Which of the following is the best resource to supplement your studies:

The Toxic Skin and Fungi Defense

It's sore throat season, why does my mucus have red spots?

Bonobos, Chimpanzees, and the 98% DNA Link

Courses by Biology Forums

Strange Ingredients Lurking in Doritos Chips

Ready to ask a question on Biology Forums? Try it out

Join Our Community

Biology Forums - Study Force is a free online homework help service catered towards college and high school students. Get homework help and answers to your toughest questions in biology, chemistry, physics, mathematics, engineering, accounting, business, humanities, and more. Master your assignments quickly with thousands of step-by-step solutions to countless textbook questions asked and answered by our members. If we don't have your question, don't worry. You can ask any homework question and get expert homework help in as little as two hours.

Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same!

Join for free today

How is Biology Forums - Study Force different than tutoring?

Home Search Q & A Board Gallery Resource Library Blog Dictionary Chat	Quick Links Start a Topic Latest Topics Unanswered Questions Courses Study Tools Browse by Textbook	Social Facebook YouTube Community Stats Who's Online Trending Staff	Help About Us Take the Tour Study Tips Posting Guidelines Terms and Policies Contact Us
Biology Forums - Study Force © 2010-2024 \| Powered by SMF \| SMF © 2015, Simple Machines \| Sitemap Biology-Forums.com is not affiliated with any publisher. Book covers, title and author names appear for reference only.