Top Posters
Since Sunday
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
sharonfaith30 sharonfaith30
wrote...
Go to Answer
Posts: 137
Rep: 0 0
A year ago
Western Farm Machinery 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.
6/20
$1,919.56_______$1,500.00$1,070.88$256.12_______
b.
4/20
$   988.56_______$   500.00$   476.15$  55.00_______
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
Read 91 times
1 Reply
Replies
Answer verified by a subject expert
omolola69omolola69
wrote...
#1
Posts: 118
Rep: 0 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

sharonfaith30 Author
wrote...

A year ago
Thanks
nicolepope23
wrote...

Yesterday
Helped a lot
Butwhy
wrote...

2 hours ago
Thanks
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1246 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 269
  
 289
  
 18839
Your Opinion
Who's your favorite biologist?
Votes: 586
Previous poll results: Who will win the 2024 president election?