If you are trying to build credit by using a credit card, each time you make a p
ID: 2780218 • Letter: I
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 6% APR and the following transactions? (Round your answer to the nearest cent.)
31-day billing cycle
10/1 Previous balance $ 1,164
10/3 Credit $79 cr.
10/12 Charge: King Soopers $148
10/15 Payment $310 cr.
10/25 Charge: Delta $321
10/30 Charge: Holiday Fun $61
Explanation / Answer
APR 6% Date Remarks Amount Billable No. of days Billable X No. of DaysXAPR/365 01-Oct Previous balance 1164 1164 2 0.38268 03-Oct Credit 79 1085 9 1.60521 12-Oct Charge:King Soopers 148 1233 3 0.60805 15-Oct Payment 310 923 10 1.51726 25-Oct Charge:Delta 321 1244 5 1.02247 30-Oct Charge Holiday fun 61 1305 1 0.21452 Total 5.35019 Total owed ( 1305 + 5.35019) $ 1,310.35
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