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What is the effective rate of a credit card whose Annual Interest Rate is 28.99% and compounds daily?
32.89%
33.61%
31.47%
32.43%
Step by step
Solved in 2 steps
- Calculate the finance charge for a credit card that has the given average daily balance and interest rate. (Round your answer to the nearest cent.)Average daily balance: $111.06; monthly interest rate: 1.85%Calculate the finance charge for a credit card that has a given average daily balance and interest-rate. (round your answer to the nearest cent) average daily balance: $117.61 monthly interest rate: 1.65%Calculate the finance charge for a credit card that has been given an average daily balance and interest rate average daily balance is $114.73 and the monthly interest rate is 1.95%
- Calculate the finance charge for a credit card that has the given average daily balance and interest rate. Round your answer to the nearest cent)Average daily balance is: $113.81; monthly interest rate 1.85%Calculate the finance charge for a credit card that has the given average daily balance and interest rate. Round your answers to the nearest cent. averagevdaily balance: $113.43; monthly interest rate: 1.35%A firm charges its credit customers 1.67% interest per month. What is the effective interest rate?
- Which of the following bank accounts has the highest effective annual return? An account that pays 8% nominal interest with daily (365-day) compounding. An account that pays 8% nominal interest with monthly compounding. An account that pays 8% nominal interest with annual compounding. An account that pays 7% nominal interest with daily (365-day) compounding. An account that pays 7% nominal interest with monthly compounding.so.4 A credit card has a $730 balance and a 18.44% annual percentage rate the minimum required monthly payment is 2.83% of the balance estimate the credit card balance after 54 payments.If the bank advertises 10.21% accounts that yield 9.84% annually. Find how often is the interest compounded?
- Suppose your credit card issuer states that it charges a 17.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? a.16.08% b.16.88% c.15.27% d.17.72% e.18.39%a bank charges one and one-half percent per month on the unpaid balance for purchases made its credit card. this is equivalent to what effective annual interest rate?1. Last year your company had average accounts receivable of $2 million. Credit sales were $24 million. You factor receivables by discounting them 2%. What is the effective rate of interest?