BamBam runs a small business. At the start of June she has £11737 in the bank. Revenue Bambam allows her customers one month credit period and they usually take it. Sales for the quarter are below: May £4975 June £4087 July £4842 Payments Bambam has a great relationship with suppliers has two months credit period. Payments for the quarter are below: April £1998 May £2802 June £2090 Using a cash budget what will the cash closing balance be for June.
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BamBam runs a small business. At the start of June she has £11737 in the bank. Revenue Bambam allows her customers one month credit period and they usually take it. Sales for the quarter are below: May £4975 June £4087 July £4842 Payments Bambam has a great relationship with suppliers has two months credit period. Payments for the quarter are below: April £1998 May £2802 June £2090 Using a
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- In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3 $2,750.00 on September 15 $450.00 on September 29. Billy Jo’s credit card contract has a 15% APR and a minimum payment of 2%. What was Billy Jo’s balance at the end of the month? What is the minimum dollar amount Billy Jo must pay?In June, Ginnie received a bill for $4500 from a store that provides her company's office supplies. She plans to pay the bill with her secured line of credit, at 1.5 percentage points above the Bank of Canada rate, compounded monthly. Ginnie can afford payments of $600 each month. The Bank of Canada rate is now at 0.6%. How much interest will she pay? A. $24.05 B. $4533.75 C. $33.75 D. $21.00 NUMERICAL RESPONSE A guitar manufacturer is making 50 guitars, at $350 each, for a music store. To pay the bill, the music store is taking out a bank loan at 6.4% interest, compounded monthly, with a 12-month term. The bank is offering a choice between two repayment schedules: Pay it off in one payment at the end of the term. Pay it off in monthly payments. a) If the loan is repaid in one payment, then the total payment will be $18 620, of which is interest. b) If the loan is repaid in monthly payments, then each payment will be and in interest will be…Lizzie Gunderson is trying to establish a credit history and applied for a Visa credit card. She paid the previous month's statement balance in full. The card carries a finance charge rate of 16%. What is the amount of finance charge if Lizzie pays off the current $168.20 monthly statement balance in full?
- Jerrod Dean starts the month with a balance on his credit card of $1,060. On the 10th day of the month, he purchases $220 in clothes with his credit card. On the 15th day of the month he makes a payment on his credit card of $350. The bank charges 1.5 percent interest per month using the adjusted balance method (and excludes new purchases). What would Jerrod's finance charges be for the month? Multiple Choice $11.34 $15.90 $19.20 $13.26 $10.65Camila Martinez has several credit cards, on which she is carrying a total current balance of $6,500. She is considering transferring this balance to a new card issued by a local bank. The bank advertises that, for a 4 percent fee, she can transfer her balance to a card that charges a 0 percent interest rate on transferred balances for the first 6 months. Calculate the fee that Camila would pay to transfer the balance. $ Describe the benefits and drawbacks of balance transfer cards.Bob has a credit card with an APR of 25%. He paid off all but $434 in May. Bob's billing period runs from June 2 through July 1. He then: made a charge $345 on June 3 made a charge $562.30 on June 10 made a charge $54.32 on June 15 made a payment of $100 on June 20 made a charge $562.35 on June 29 What is the average daily balance over June? (hint: you can use the answer from previous problem) None of above $1226.87 $11660.58 5573.91
- Jerry Allison starts the month with a balance on his credit card of $1,050. On the 10th day of the month, he purchases $400 in clothes with his credit card. On the 15th day of the month he makes a payment on his credit card of $450. The bank charges 1.5 percent interest per month using the previous balance method. What would Jerry's finance charges be for the month? Multiple Choice O $18.95 $23.75 $16.95 $13.25 $15.75Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day billing cycle. The current balance is x and the APR is 24%. Rebecca is buying a friend an expensive gift that costs $1,400 that she plans to put on her credit card. This will be her only purchase this month. She will bemaking this purchase on the last day of the month. Part A if her finance charge will be $51 write and solve an equation to determine her current balance on her credit card show your work. Part B How much in finance charges can she save by making the purchase on the last day of the billing versus the first day of billing? ExplainJane James owns an appliance store. She usually receives $50,000 worth ofappliances per month. She does not like to owe people money and alwayspays her bills on the day she receives the invoice. Someone told her thatif she delayed payment, she could actually increase her profit because themoney would be earning interest in her account. She went through her billsand found that she actually had an additional 10 days, on average, to payher invoices. She also found that she was earning 2 percent interest on themoney she had in her money market savings account.a. If she delayed payment by the 10 days, how much additional interest wouldshe earn for the year?b. Explain how this problem represents a disbursement float.
- On 1 October 2020, Nduundune had 750,000 in the bank and Sh. 126,000 in hand. During the month he had the following receipts and payments: 1 October Cash sale – receipt Sh.80,000 4 October Payment to supplier Mondo Sh.120,000 Payment of rent Sh.300,000 6 October Payment from credit customer Kapondi Sh.450,000 and Payment from credit customer Bokelo Sh.250,000 10 October Cash sale – receipt Sh. 100,000 Payment to supplier Waswa Sh.500,000 6.October Payment of hire-purchase installment Sh.150,000 17 October Purchase of new machine Sh.1,200,000 19 October Cash sale – receipt Sh.370,000 Cash withdrawn from bank for office use 75,000 20.October Payment from credit customer Moseti Sh.600,000 24 October Payment of fuel bill Sh.175,000 26 October Interest received Sh. 25,000 29 Cash taken from cash till to pay fees for daughter Sh. 25,000 Required: Prepare a two column cashbook and determine bank and cash balances at the end of the monthTallulah has a credit card through BestBank. Her credit card has a $5,000.00 limit and a 15% APR. Her balance at the end of the April is $350.00. Her average daily balance was $88.00. If Tallolah pays $50 (of the $350 bill), how much interest will be added to her next bill if her bank uses the average daily balance method?Flower opened a credit card account. During the first month she purchased new cloths that totaled $1,550.00 and then put the card in a desk drawer and didn’t use it again. The structure of the minimum monthly payment is the interest charge plus an additional 3.0% of the remaining balance. If Flow only makes the minimum monthly payment, how long will it take for the remaining balance to be half the amount of her original purchases?