Find the installment price of a notebook computer system bought on the installment plan with $250 down and 12 payments of $111.33.
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Textbook Solutions for Business Math,
Question
Use the following activity chart for a credit card to find the unpaid balance on November 1. The billing cycle ended on October 31, and the finance charge is 1.5% of the average daily balance. Date posted Activity Amount October 1 Billing date Previous balance $426.40 October 8 Purchase 41.60 October 11 Payment 70.00 October 16 Purchase 31.25 October 21 Purchase 26.80
Solution
The first step in solving 12 problem number 15 trying to solve the problem we have to refer to the textbook question: Use the following activity chart for a credit card to find the unpaid balance on November 1. The billing cycle ended on October 31, and the finance charge is 1.5% of the average daily balance. Date posted Activity Amount October 1 Billing date Previous balance $426.40 October 8 Purchase 41.60 October 11 Payment 70.00 October 16 Purchase 31.25 October 21 Purchase 26.80
From the textbook chapter CONSUMER CREDIT you will find a few key concepts needed to solve this.
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