Question

"I have a credit card whose billing period begins on the 9th day of every month. On January 9th my balance was $853. I made the following charges: $95 on Jan 11, $235 on Jan 18, and $490 on Jan 30. I paid $500 on Jan 20. My card's interest rate is 19%. What will be the total balance on my Feb 9th statement?"

Name: i have a credit card whose billing period begins on the 9th day of every month on january 9th my balance was 853 i made the following charges 95 on jan 11 235 on jan 18 and 490 on jan 30 i paid 500 8
Uploaded: 2021-12-11T07:24:56-08:00
Duration: 6 min 38 s
Channel: Yuva S
Description: i have a credit card whose billing period begins on the 9th day of every month on january 9th my balance was 853 i made the following charges 95 on jan 11 235 on jan 18 and 490 on jan 30 i paid 500 8

          "I have a credit card whose billing period begins on the 9th day of every month. On January 9th my balance was $853. I made the following charges: $95 on Jan 11, $235 on Jan 18, and $490 on Jan 30. I paid $500 on Jan 20. My card's interest rate is 19%. What will be the total balance on my Feb 9th statement?"

Added by Joiann K.

Mathematics for Finance An Introduction to Financial Engineering

Marek Capinski 1st Edition

Instant Answer

Solved by Expert Yuva S

12/11/2021

Step 1

Step 1: Calculate the total balance for each period: - From Jan 9 to Jan 11: $853 * 3 days = $2559 - From Jan 12 to Jan 18: $948 * 7 days = $6636 - From Jan 19 to Jan 20: $1183 * 2 days = $2366 - From Jan 21 to Jan 30: $683 * 10 days = $6830 - From Jan 31 to Feb 8: Show more…

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"I have a credit card whose billing period begins on the 9th day of every month. On January 9th my balance was $853. I made the following charges: $95 on Jan 11, $235 on Jan 18, and $490 on Jan 30. I paid $500 on Jan 20. My card's interest rate is 19%. What will be the total balance on my Feb 9th statement?"