Answer to Question #149623 in Other for Gugu

Question

INSTALLMENT PURCHASES
Mag & Donald offers the credit terms shown to its retail customers.
In problems 8-12 compute the missing values in the charge accounts
shown. Assume that all payments are made within 30 days of the
billing date
TERMS: Finance Charge is based on the Net Balance, if payment is received
within 30 days of the billing date. If payment is made after 30 days, then the
Finance Charge is based on the Previous Balance. Net Balance equals Previous
Balance less Payments and Credits. In either case, the monthly rate is 1.25% on
the first $500 and 1% on any amount over $500. These are annual percentage
rates of 15% and 12%, respectively.
Payment
Press
Balance
Date
Churre
New
Balance
Pursus
4/25/30-- $2,621.05 $1,900.00 $0.00
$661.28
3/25/20 - - $1,827.15 $700.00
$28.75
$672.39
11/25/20 - $1,01963 $325.00
$26.50
$278.75

Answer 1

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