What is her average daily balance for the month

Assignment Help Financial Management
Reference no: EM131045674

Janet just got her credit card bill. The bill is for a 30 day billing period. The bill indicated that she started with a $900 balance, on day 14 charged $200, on day 20 charged $99, on day 26 paid $500. There was no other activity on the account during the 30 day period. What is her average daily balance for the month if calculated inclusive of new purchases on the day they were incurred?

Reference no: EM131045674

Questions Cloud

How many shares should be outstanding after the IPO : The investors in Generation.com, a company organized to sell fashions to the current generation of teenagers over the Internet, are interested in harvesting their investments. The investment banker is recommending an IPO that would yield gross procee..
Mcenally purchased a refrigerator for his home : McEnally purchased a refrigerator for his home from Peircault Appliance Store for $700. McEnally paid $200 in cash and signed an installment contract for $500, which in its entirety stated:
What is return on equity and price-earnings ratio : The Next Life has sales of $450,000, total assets of $150,000, total debt of $90,000 and a profit margin of 6.2 percent. What is the return on assets? What is return on equity? The Green House has a profit margin of 7.0 percent on sales of $300,000. ..
Using the straight line method to salvage value : Capital Foods purchased an oven 5 years ago for $45,000. The oven is being depreciated over its estimated 10 year life using the straight line method to a salvage value of $5,000. Capital is planning to replace the oven with a more automated one that..
What is her average daily balance for the month : Janet just got her credit card bill. The bill is for a 30 day billing period. The bill indicated that she started with a $900 balance, on day 14 charged $200, on day 20 charged $99, on day 26 paid $500. There was no other activity on the account duri..
What is addition to retained earnings-operating cash flow : Daniel’s Market has sales of $36,000 costs of $28,000, depreciation expense of $3,000 and interest expense of $1,500. If the tax rate is 30 percent, what is the operating cash flow, OCF? Andersen’s Nursery has sales of $318,400, costs of $199,400, de..
What interest rate will the account need to pay : Lundy's Laundromat anticipates they will need to replace all of their machines in 4 years. If Lundy's has $42406 to invest now and they need $75354 in 4 years, what interest rate will the account need to pay? (Assume interest is compounded annually.)
Compute the effective throughput achieved by this connection : Assume that each packet holds 1 KB of data and that the RTT = 100 ms.
Write paper about do firms care who provides their financing : Write a 5-6 page (double spaced) paper based on your understanding of the paper "Do Firms Care Who Provides Their Financing", the text book chapter and the lecture in first person.

Reviews

Write a Review

Financial Management Questions & Answers

  Federal-plus-state income tax rate

Rao Construction recently reported $20.50 million of sales, $12.60 million of operating costs other than depreciation, and $3.00 million of depreciation. It had $8.50 million of bonds outstanding that carry a 7.0% interest rate, and its federal-plus-..

  Interest is compounded continuously

How long will it take for $1400 to grow to $39,800 at an interest rate of 10.2% if the interest is compounded continuously? Round the number of years to the nearest hundredth.

  Compute the interest on that investment

We have an investment of $15,000on which we receive $1,000 yearly, as well as $20,000 7 years later. Compute the interest on that investment. We invest $10,000 for 10 years. we receive $14,000 10 years later. the interest is 25% anually. What is the ..

  Present value of this investment pays

An investment pays you $20,000 at the end of this year, and $10,000 at the end of each of the four following years. What is the present value (PV) of this investment, given that the interest rate is 4% per year?

  Profitability ratios measure

Profitability ratios measure

  What will be the amount of your monthly mortgage payment

The house you want to buy costs $260 thousand. You plan to make a cash down payment of 10 percent, and borrow the rest in a 30 year mortgage at 4.8 percent APR. What will be the amount of your monthly mortgage payment?

  Calculate internal rate of return using time value of money

Assume you are the CFO of a company of your choice. Provide an example of a long-term capital asset that the business would need to operate and/or grow its business. Williams and Park Accounting Practice is considering investing in a new computer sys..

  Calculate usher sports shops cash flow from operations

In 2015, Usher Sports Shop had cash flows from investing activities of –$4,534,000 and cash flows from financing activities of –$5,965,000. The balance in the firm’s cash account was $1,632,000 at the beginning of 2015 and $1,776,000 at the end of th..

  Implications of both internal-sustainable rates of growth

One of a CFO's most important responsibilities is to help his/her company in managing growth. This week's readings refer to two growth rates, an internal rate and a sustainable rate of growth. What does each rate mean? Why do we, as CFO's, need to un..

  Engaged to audit the financial statements

Harris Fell, CPA and member of the AICPA, was engaged to audit the financial statements of Wilson Corporation. Fell had half-completed the audit when he had a dispute with the management of Wilson Corporation and was discharged.

  Which bond offers the higher after tax yield

Which bond offers the higher after tax yield? If you also pay a state income tax on taxable coupon interest at a 9 percent rate, but no tax on municipal interest, which bond offers the higher after tax yield?

  What is price paid to bondholder if issuer calls the bond

A 6.4 percent corporate coupon bond is callable in five years for a call premium of one year of coupon payments. Assuming a par value of $1,000, what is the price paid to the bondholder if the issuer calls the bond?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd