account information\ntype: revolving account number: 234 8905 10 billing date: 16 aug payment due date: 1…

account information\ntype: revolving account number: 234 8905 10 billing date: 16 aug payment due date: 1 sep\ntransactions\n6 aug meghans shop debits / credits (-)\n7 aug payment $55.37\n8 aug joes italian restaurant -$85.00\n10 aug university of new york $49.55\n15 aug skyhigh airlines $1200.00\n16 aug payment $475.00\nsummary\nprevious balance: $215.88 payments / credits: b. new purchases: c. late charge: $0.00 finance charge: $6.70 new balance: d. minimum payment: $25.00\ntotal credit line: $5,000.00 total available credit: a.\naverage daily balance: $446.41 # days in billing cycle: 30 apr: 18% monthly periodic rate: 1.5%\nfind the missing amounts. round to the cent.\nhint: you should answer b, c, and d before you can answer a.\na. type your answer\nb. type your answer\nc. type your answer\nd. type your answer

account information\ntype: revolving account number: 234 8905 10 billing date: 16 aug payment due date: 1 sep\ntransactions\n6 aug meghans shop debits / credits (-)\n7 aug payment $55.37\n8 aug joes italian restaurant -$85.00\n10 aug university of new york $49.55\n15 aug skyhigh airlines $1200.00\n16 aug payment $475.00\nsummary\nprevious balance: $215.88 payments / credits: b. new purchases: c. late charge: $0.00 finance charge: $6.70 new balance: d. minimum payment: $25.00\ntotal credit line: $5,000.00 total available credit: a.\naverage daily balance: $446.41 # days in billing cycle: 30 apr: 18% monthly periodic rate: 1.5%\nfind the missing amounts. round to the cent.\nhint: you should answer b, c, and d before you can answer a.\na. type your answer\nb. type your answer\nc. type your answer\nd. type your answer

Answer

Explanation:

Step1: Calculate payments/credits (b)

Sum up the credit amounts: $55.37 + 49.55+475.00 = 580.92$

Step2: Calculate new purchases (c)

Sum up the debit amounts: $85.00 + 1200.00=1285.00$

Step3: Calculate new balance (d)

Use the formula: New Balance=Previous Balance + New Purchases+ Finance Charge - Payments/Credits. So, $215.88+1285.00 + 6.70-580.92=926.66$

Step4: Calculate total available credit (a)

Total Available Credit = Total Credit Line - New Balance. So, $5000.00 - 926.66 = 4073.34$

Answer:

a. $4073.34$ b. $580.92$ c. $1285.00$ d. $926.66$