# Solutions to Section 7.1. Prob#Billing Date Previous Balance Finance Charge New Purchases Payments Credits New Balance 38/15\$ 600\$ 9\$ 140\$ 100\$ 649 41/22\$

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Solutions to Section 7.1

Prob#Billing Date Previous Balance Finance Charge New Purchases Payments Credits New Balance 38/15\$ 600\$ 9\$ 140\$ 100\$ 649 41/22\$ 410.75\$ 7.20\$ 175\$ 150\$ 442.95 53/1\$ 450.95\$ 6.75\$ 39.95\$ 160\$ 337.65 69/4\$ 233.23\$ 2.33\$ 40.36\$ 133.23\$ 142.69 76/15\$ 675.19-\$ 416.34\$ 675.19\$ 416.34 88/1\$ 2494.21\$ 43.65\$ 137.25\$ 450\$ 2225.11 Problem #Previous Balance Finance Charge New Purchases Payments Credits New Balance 1\$ 600\$ 7.50\$ 90\$ 100\$ 597.50 2\$ 278.75\$ 4.18\$ 35.85\$ 48\$ 270.78

9.\$ 1809.30 10. \$ 299.97 11. \$ 182.09 12.\$ 679.58 13. Payments = \$109.90, New Purchases = \$188.73, New Balance = \$369.04 14. \$ 2494.20

15.\$ 634.1016.\$ 405.1417.\$ 349.63 18.35.26 hours

Questions???

Solutions to Section 7.2

Prob#Previous Balance Payments Credits Unpaid Balance Finance Charge New Purchases New Balance 1\$ 600\$ 100\$ 500\$ 7.50\$ 70\$ 577.50 2\$ 220\$ 150\$ 70\$ 1.05\$ 95\$ 166.05 Concept Check Problems 3.Unpaid Balance = \$ 761.67 Previous Balance = \$ 1111.67 New Balance = \$ 1036.23 4. Monthly Rate = 1.90 %

Prob#Previous Balance Payments Credits Unpaid Balance Finance Charge New Purchases New Balance 5\$ 350\$ 75\$ 275\$ 4.13\$ 90\$ 369.13 6\$ 125\$ 45.50\$ 80\$ 1.20\$ 42.50\$ 123.70 7\$ 437.50\$ 57.50\$ 380\$ 5.70\$ 222.50\$ 608.20 8.\$ 1197.28 9.\$ 981.90

Pro b# Previous Balance Payments Credits Unpaid Balance Finance Charge New Purchases New Balance 10\$ 419.29\$ 45\$ 374.29\$ 7.49\$ 79.31\$ 461.09 11\$ 556.71\$147.55\$ 409.16\$ 5.11\$ 21.64\$ 435.91 12 \$ 411.89 13. Unpaid Balance = \$ 974.44 Previous Balance = \$ 1224.44 New Balance = \$ 1368.88

14.\$ 497.58 15.\$ 410.93 16.\$ 29.69 Spiral Review

Questions???

Solutions to Section 7.3

Concept Check Problems Prob #DatesPaymentPurchaseEnd-of-Day Balance Number Of Days Sum of Balances 19/9 – 9/15 \$ 5007\$ 3500 29/16\$ 100\$ 6001 39/17 – 9/21 \$ 6005\$ 3000 49/22\$ 150\$ 4501 59/23 – 10/8 \$ 45016\$ 7200 6TOTAL30\$ 14750 Sum of BalancesNumber of DaysAverage Daily Balance 7\$ 1475030\$491.67

8.Finance Charge = \$ 7.38 9.Unpaid Balance = \$ 350 10. New Balance = 457.38 11. \$ 1680

Prob #DatesPaymentPurchaseEnd-of-Day Balance Number Of Days Sum of Balances 129/6 – 9/17 \$ 60012\$ 7200 139/18\$ 140\$ 7401 149/19 – 9/24 \$ 7406\$ 4440 159/25\$ 120\$ 6201 169/26 – 10/5 \$ 62010\$ 6200 17TOTAL30\$ 19200 Sum of BalancesNumber of DaysAverage Daily Balance 18\$ 1920030\$ 640

ReferencePosting Date Transaction Date DescriptionPurchases & Advances Payments & Credits 10374854/11Payment\$ 40 45002984/154/01Menswear\$ 39.95 54733904/234/21Housewares\$ 15.99 13746554/25Payment\$ 50 Billing Period Previous Balance Periodic Rate Average Daily Balance Finance Charge 4/1 – 4/30\$ 1751.2 %\$ 163.90\$ 1.97 Payments & Credits Purchases & Advances New Balance Minimum Payment Due \$ 90\$ 55.94\$ 142.91\$ 25

20a. Average = \$ 113.57 Finance Charge = \$ 1.36 21. 2.5999% = 2.6%

Questions???

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