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Home Q & A Board Science-Related Homework Help Mathematics
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sharonfaith30 sharonfaith30
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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:
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omolola69omolola69
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A year ago
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sharonfaith30 Author
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A year ago
this is exactly what I needed
TheMoffattMan
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
gma_of_7
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2 hours ago
Brilliant ツ
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