The late payment interest rate on countrys credit card

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Reference no: EM133264948

Question: Country Hardware issues credit cards that customers can use to make purchases. Country also accepts bank and nonbank credit cards and debit cards. In September 2014 the following transactions occurred:
-Country credit card sales totalling $40,000.
-Debit card transactions totalling $22,500, made up of 18 individual transactions.
-Bank credit card sales totalling $31,000.
-Nonbank credit card sales totalling $8,200. Payments from this nonbank credit card company are normally received two weeks after the month end. (a receivable)
-Collected $28,800 in payments on Country's own credit card accounts.
- Recorded monthly interest charges on overdue Country credit card accounts. Total overdue accounts are $154,500.

Country pays a 2% service charge on bank credit cards and 4% on nonbank cards. The charge on debit card transactions is $2.50 per transaction. The late payment interest rate on Country's credit card is 19% annualy.

Reference no: EM133264948

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