Question

If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehner is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 9% APR and the following transactions? (Round your answer to the nearest cent.)

31-day billing cycle
10/1	Previous balance					$ 1,181
10/3	Credit	$	62		cr.
10/12	Charge: King Soopers	$	165
10/15	Payment	$	480		cr.
10/25	Charge: Delta	$	338
10/30	Charge: Holiday Fun	$	78

Answer 1

- $ 480 CY il ol la solution . Given that D APR -9% 10/1 credit card opening balance $1181 10/3 credit .= $62 cr 10/12 charges : king soopers 2$165 10/15 payment 1%5 charge Delta = $338 10/30 charge: Holiday fun =$78 Daily periodic rate = 9/365 = 0.0246% periodic rate for 31 days = 0.0266X31 = 10.764%) Amount owned C$1181*31)+ ($ 62 X 28) +($165X19)+($480 X 16) +6338 X 6)+($ 784 1)) (0.764) =[ 36,611 +1736+3135+768042028 +78)(0,764) cs szi (51.268) (0.764) - $ 39,168.75 CS Cams and The End =