Account Balances & Finance Charges
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- Blaise Walters
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1 + Account Balances & Finance Charges
2 + Account Balances & Finance Charges Key terms when calculating info from acct. statements: Account Statement Document that lists all transactions and charges for 1 billing cycle. Previous balance the amount you owed at the end of the previous billing cycle. Finance charge aka interest added on to your previous balance Periodic rate = APR # of billing cycles in 1 year. This is the % you are charged in interest each cycle.
3 + Account Balances & Finance Charges New purchases money you charged to your account during the current billing cycle. Transaction Date = the day you were at the store Posting Date = the day the money was taken out of your account Payments money you paid during the current billing cycle. Credits any money credited to your account bc you returned items charged to your acct. New balance what you owe for the current billing period.
4 + Account Balances & Finance Charges Balance = The amount you owe + (amt. owed goes up) - (amt. owed goes down)
5 + Account Balances & Finance Charges Balance = The amount you owe + (amt. owed goes up) - (amt. owed goes down) Finance Charge (aka interest ) New Purchases Payments Credits (aka returns )
6 + Account Balances & Finance Charges To calculate the balance for the current billing cycle: Start with what you owe from last cycle (previous balance) Add in the finance charge for that debt Add any purchases you have made this month Subtract any payments & credits from this month DONE!
7 + Account Balances & Finance Charges Carlos charge account statement showed: a previous balance of $ a finance charge of $10.71 new purchases of $54.21, $36.28, & $98.56 a credit of $ and a $100 payment. What is his new balance?
8 + Account Balances & Finance Charges Carlos charge account statement showed: a previous balance of $ a finance charge of $10.71 new purchases of $54.21, $36.28, & $98.56 a credit of $ and a $100 payment. What is his new balance? $612.89
9 + Account Balances & Finance Charges Arely s charge account statement showed: a previous balance of $1, a finance charge of $16.79 new purchases of $132.26, $142.39, & $12.56 a credit of $32.21 and a $160 payment. What is his new balance?
10 + Account Balances & Finance Charges Arely s charge account statement showed: a previous balance of $1, a finance charge of $16.79 new purchases of $132.26, $142.39, & $12.56 a credit of $32.21 and a $160 payment. What is his new balance? $1,977.02
11 + Section 7-1 Wkst Answers 1. $ $ $ $ $ $375.54
12 + Finance Charge Average Daily-Balance Method w/ New Purchases
13 + 7-4 Avg. Daily-Balance Method (New purchases INCLUDED) To get the finance charge credit companies calculate how much you have owed ON AVERAGE for the billing cycle, and charge you interest on that number. New Balance = Prev. bal + finance charge + new purchases (payments + credits) To find the finance charge, you need the AVERAGE DAILY BALANCE: Average daily balance = Add up the balances for every day # of days Finance charge = Average daily balance X Rate
14 + 7-4 Avg. Daily-Balance Method (New purchases INCLUDED) A portion of Karina s credit card statement is shown below. Calculate her average daily balance, finance charge & new balance. APR = %
15 + Calculate September s Avg. Daily-Balance w/ new purchases August September October Prev. Balance = $ Purchase = $48.75 Payment = $44.85 Purchase = $37.85 Purchase = $20.99 New Balance =? August billing period: 8/4 9/3 September billing period: 9/4 10/3 October billing period: 10/4 11/3 New = Prev. bal. payments + new + finance bal. purchases charge = Average Daily Bal.= Finance Charge=
16 + 7-4 Avg. Daily-Balance Method (New purchases INCLUDED) A portion of Karina s credit card statement is shown below. Calculate her average daily balance. $ $4.76
17 + 7-3 Avg. Daily-Balance Method (NO new purchases included) A portion of Karina s credit card statement is shown below. Calculate her average daily balance. Don t need these any more once we have the Finance Charge. $4.76 $262.39
18 + YOUR ASSIGNMENT Average Daily Balance Wkst Show all work (esp. when calculating the Average Daily Balance) so we can catch mistakes quickly!
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