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blinkrb blinkrb
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A year ago
Turner Landscape Supply, Inc., 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 1.4% per month up to $1,250 and 1.2% per month on amounts in excess of $1,250. These are annual percentage rates of 16.8% and 14.4%, 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.
  8/25
$3,288.79_______$2,500.00$1,365.83$347.76_______
b.
11/25
$1,152.87_______$1,000.00$   698.44$  66.98_______
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
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cherylelcherylel
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A year ago
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blinkrb Author
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A year ago
Thank you, thank you, thank you!
ezsancheezy
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Yesterday
Thanks
sweetalia
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2 hours ago
Good timing, thanks!
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