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A credit card has interest rate of 12% per year ( Annual Percentage Rate). It is charging the interest rate that is daily compounding. What is the effective interest rate?
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- A certain amount of money doubles after 9 years. Determine its effective interest.Bobby was desperate. He borrowed $600 from a pawn shop and understood he was to repay the loan starting next month with $100, increasing by $10 per month for a total of 8 months. Actually, he misunderstood. The repayments increased by 10% each month after starting next month at $100. Use a spreadsheet to calculate the monthly interest rate that he thought he was to pay, and what he actually will pay.Ella Stein paid $187.50 interest on a loan of $12,000 for 3 months. What was the rate of interest she paid?
- On March 25, you borrow some money for 120 days. What is the maturity date?Money deposited in a certain account for which the interest is compounded continuously. If the balance doubles in 6 years, what is the annual percentage rate?Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00 promissory note with a maturity of 6 months. What is the annual and monthly simple interest rate charged by the loan shark?
- How long in years will money double its amount if invested at 10% simple interest?If you invest $ 500 on Lending Circle at a rate of 5% for 1.5 years, how much will you have earned?You borrowed an amount of $15,000 and paid it $20,223 in 3 years. If the interest rate was compounded monthly, what is the nominal interest rate?