"jerrod dean starts the month with a balance on his credit card of $1,000. on the 10th day of the month, he purchases $200 in cl
othes with his credit card. on the 15th day of the month he makes a payment on his credit card of $500. the bank charges 1.5 percent interest per month using the adjusted balance method. what would jerrod's finance charges be for the month
The charges would be $10.50 as of the 15th of that current month. Jerrod spent a total of $700. Adjusted Balance Method calculates costs based on the amounts owed/due at the end of the current time period & once any credits or payments have been applied. Multiplying what Jerrod has spent in total & the percentage of interest will give him the balance of interest charges that he can expect to see in addition to the $700 he's spent. It's also safe to assume the payment on your bill is due on the 16th.
All right, first of all, he has the credit card under the adjusted balance method that charges him and interest for the money lent at the end of the month. In our case, he ended the month before with 1000 dollars so that is the amount of money that is going to be deducted the 500 dollars and the rest of it will be the cash subject to interest because that is the money with which he ended up last month. The next month will be charged the interest he ended with this month.
Assignment in contract occurs when a party to a contract transfers the contract's obligations and benefits to another party so that the new party can take over the contacts obligation and right.This is guided by an assignment agreement that shows the intent to transfer the rights and obligation.
The process of contract assignment involves the assignor and the assignee. The assignor is the party that transfers its right and obligation while the assignee is the party that receives the right and obligation
