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A: Interest = Principal * rate * time Interest = $4500 * 6.20% * 102 /12 Interest = $2,371.50
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Q: Determine the finance charge for a credit card that has the given average daily balance and interest…
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Q: 12. A bank offers a 272 - day discounted loan at a simple discount rate of 12%. (a) How much money…
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Q: effective interest rate
A: Formula: effective interest rate= [1+ interest rate/period)^ period]-1 *100
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A: Credit card charges interest on basis of monthly.
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A: In this question we need to calculate the effective annual interest rate i.e. EAR.
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Q: $2,800 earned simple interest of $43.40 in 6 months, what was the simple interest rate
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,60011.A credit card holder purchased an item P6,000 on credit with a monthly interest rate of 3% and 5% minimum monthly payment rate. After 6 months, how much is the remaining balance?
- 2. If a nine-month term deposit at a bank earns a simple interest rate of 9% per annum, how much should be deposited to earn ₱225 of interest?A bank obtains an 8-month T-bill at a discount rate of 8%. What is the simple interest rate?If you sign a discount note for $9,500 at a bank discount rate of 9% for 3 months, what is the effective interest rate (as a %)?
- 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.The annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how long will it take to pay off an unpaid balance of $2,487.56?3a. You are paying an effective annual rate of 18.974 percent on your credit card. Theinterest is compounded monthly. What is the annual percentage rate on this account? 3b. What is the effective annual rate if a bank charges you 9.50 percent annually butcompounded quarterly?
- A person borrows $3,000 on a bank credit card at a nominalrate of 18% per year, which is actually charged at a rate of1.5% per month. a. What is the annual percentage rate (APR) for the card?(See Example 5.6.8 for a definition of APR.) b. Assume that the person does not place any additionalcharges on the card and pays the bank $150 eachmonth to pay off the loan. Let Bn be the balance owedon the card after n months. Find an explicit formulafor Bn . c. How long will be required to pay off the debt? d. What is the total amount of money the person will havepaid for the loan? If you could please answer b and d for me I put the other 2 questions there in cases they where somehow apart of b and dYou get an offer for a credit card that charges 13.99% interest APR, compounded monthly. What effective annual interest rate does this credit card charge? Answer in percent format, to 2 decimal places, for example, __.__%.How much interest will you have to pay for a credit card balance of $875 that is 1 month overdue, if a 17% annual rate is charged?
