Top Posters
Since Sunday
g
3
3
2
J
2
p
2
m
2
h
2
s
2
r
2
d
2
l
2
a
2
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
onlineerica onlineerica
wrote...
Go to Answer
Posts: 125
Rep: 0 0
A year ago
Eden Valley Patio Furniture has the following credit terms: "The finance charge, if any, is based on the previous balance before payments or credits are deducted. The rates are 1.5% per month up to $1,000 and 1.25% per month on amounts in excess of $1,000. These are annual percentage rates of 18% and 15%, respectively. There is no finance charge if the full amount of the new balance is paid within 30 days after the cycle closing date."

Compute the finance charge and the new balance for the two customers shown below. Assume that both payments were made within the 30-day period.

 CyclePreviousFinance   New
 ClosingBalanceChargePaymentsPurchasesCreditsBalance
a.
9/20
$2,009.51_______$1,000.00$788.13$50.00_______
b.
5/20
$   837.40_______$   500.00$372.97$25.00_______
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
Read 54 times
1 Reply
Replies
Answer verified by a subject expert
abu-jahdoabu-jahdo
wrote...
#1
Posts: 128
Rep: 1 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

onlineerica Author
wrote...

A year ago
Brilliant ツ
Mkersey12
wrote...

Yesterday
Just got PERFECT on my quiz
terriroberts96
wrote...

2 hours ago
You make an excellent tutor!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1154 People Browsing
 138 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 10121
  
 270
  
 149
Your Opinion
Which of the following is the best resource to supplement your studies:
Votes: 249
Previous poll results: Should Ph.D.'s be addressed as doctors?