Calculate the Missing Information on the Following Revolving Charge Account

question 34

Short Answer

Calculate the missing information on the following revolving charge account. Interest is calculated on the unpaid or previous month's balance, rounding to the nearest cent. $$\begin{array} { l l l l l l l } & \text { Annual } & \text { Monthly } & & \text { Purchases } & \text { Payment } & \\\text { Previous } & \text { Percentage } & \text { Periodic } & \text { Finance } & \text { and Cash } & \text { and } & \text { New } \\\text { Balance } & \text { Rate (APR) } & \text { Rate } & \text { Charge } & \text { Advances } & \text { Credits } & \text { Balance } \\\$ 1,533.67 & & 1 \frac { 1 } { 4 } \% & & \$ 213.86 & \$ 200.00 &\end{array}$$

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Definitions:

Quantity Supplied

The amount of a good or service that producers are willing to sell at a given price over a specified period.

Supply

The total amount of a product or service that is available to consumers at a given price.

Supply Curve

A visual chart that illustrates the connection between a good's price and the amount of it producers are ready to offer.

Aluminum

A silvery-white, lightweight metal, it's the most abundant metal in the Earth's crust and is used in a vast array of products from cans to airplanes.