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Business Calculations Ch 14 Quizess And All Complete Answers. $9.99
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Business Calculations Ch 14 Quizess And All Complete Answers.

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  • Course
  • Business Calculations
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  • Business Calculations

Most companies calculate the finance charge on credit card accounts as a percentage of the: - Answer Average daily balance In calculating the daily balance, cash advances are: - Answer Added in The average daily balance is equal to the sum of daily balances: - Answer Divided by numbe...

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  • March 4, 2025
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Business Calculations
  • Business Calculations
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COCOSOLUTIONS
Business Calculations Ch 14 Quizess
And All Complete Answers.
Most companies calculate the finance charge on credit card accounts as a percentage of the: - Answer
Average daily balance



In calculating the daily balance, cash advances are: - Answer Added in



The average daily balance is equal to the sum of daily balances: - Answer Divided by number of days in
billing cycle



Dan Miller bought a new Toyota truck for $28,000. Dan made a down payment of $6,000 and paid $390
monthly for 70 months. The total finance charge was: - Answer $5,300



Given:

$140.10 per month; cash price $5,600; down payment $0

Cash or trade months with bank-approved credit; amount financed $5,600

Finance charge $2,806

Total payments $8,406

(Use the tables in the handbook.) The APR by table lookup is: - Answer 17.25% - 17.50 %



Mia Lane bought a high-definition television for $7,500. Based on her income, she could afford to pay
back only $600 per month. There is 1 ½% monthly interest charge on the unpaid balance. The U.S. Rule is
used in the calculation. At the end of month 1, the balance outstanding is: - Answer $7,012.50



Ed Sloan bought a new Explorer for $22,000. He put down $7,000 and paid $290 for 60 months. The total
finance charge to Ed is: - Answer $2,400



John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. The
bank's loan was for 60 months. Finance charges totaled $4,900. His monthly payment is: - Answer
$323.33

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