Your bank charges an APR of 4.64% with monthly compounding on auto loans for consumers. What...
Your bank charges an APR of 4.64% with monthly compounding on auto loans for consumers. What is the interest rate per month that they are charging?
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Your bank charges an APR of 4.64% with monthly compounding on
auto loans for consumers. What...
A bank CD would give you 3.19% APR with monthly compounding what’s the interest rate compounding...
A bank CD would give you 3.19% APR with monthly compounding what’s the interest rate compounding period for this CD
1. First National Bank charges 11.11 % compounded monthly on its business loans. First United Bank...
1. First National Bank charges 11.11 % compounded monthly on its business loans. First United Bank charges 11.81%, compounded semiannually. Calculate the EAR for First United Bank. 2. One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $559 per month. You will charge 1.29 % per month interest on the overdue balance. If the current balance is $13709, how many years will it take for the account to be paid...
8. A bank offers loans for 1.75% interest per month. a. What is the advertised APR...
8. A bank offers loans for 1.75% interest per month. a. What is the advertised APR for this loan? (5 points) b. What is the effective annual interest rate? (5 points)
Left bank has a standing rate of 8.5% APR for all bank loans requires monthly payments...
Left bank has a standing rate of 8.5% APR for all bank loans
requires monthly payments what is the monthly payment if a loan is
A) 135,000 for five years B)255,000 for 10 years C) 1250000 for 24
years? what is the effective annual rate for each of these
loans
Save Homework: Chapter 15 Homework Score: 0 of 1 pt 2 of 10 compte HW Score: 0%, 0 of 10 pts P15-3 (similar to) Question Help Straight bank loan. Lot...
Bank ABC is advertising its current rate for car loans. The sign in the window says...
Bank ABC is advertising its current rate for car loans. The sign in the window says 4% APR with monthly compounding. Part A) If instead the bank advertised the effective annual rate (EAR), what would the sigrn say? Part B) What is the effective monthly interest rate? Part C) What is the effective quarterly interest rate? Part D) What is the effective interest rate per decade?
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the...
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the APR for this credit card? (b) What is the APY? Assume 360 days in a year (twelve 30-day months). 2. A local credit union is advertising a car loan with an APR of 6.75%. If interest is compounded monthly, (a) what is the interest rate per compounding period, and (b) what is the effective annual interest rate (i.e., the APY)? 3. Your local credit...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan, and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61. The amount she owes, the monthly payment, and the interest rates appear in the table below: Loan Type Bank Card Auto Loan Department Store Card TOTALS Loan Amount Annual Percentage rate, APR (Current Debt) Monthly Payment 18% $12,000 $243.85 5.5% $11,500 $257.88 15% R $...
Assume a bank offers an effective annual rate of 5.50%. If compounding is monthly what is...
Assume a bank offers an effective annual rate of 5.50%. If compounding is monthly what is the APR?
A bank quotes you an interest rate of 12% per annum with monthly compounding. What is...
A bank quotes you an interest rate of 12% per annum with monthly compounding. What is the equivalent rate with continuous compounding?
A bank quotes you an interest rate of 12% per annum with monthly compounding. What is...
A bank quotes you an interest rate of 12% per annum with monthly compounding. What is the equivalent rate with continuous compounding? 12.22% 11.94% 11.85% 12.12%
8. A bank offers loans for 1.75% interest per month. a. What is the advertised APR for this loan? (5 points) b. What is the effective annual interest rate? (5 points)
Left bank has a standing rate of 8.5% APR for all bank loans
requires monthly payments what is the monthly payment if a loan is
A) 135,000 for five years B)255,000 for 10 years C) 1250000 for 24
years? what is the effective annual rate for each of these
loans
Save Homework: Chapter 15 Homework Score: 0 of 1 pt 2 of 10 compte HW Score: 0%, 0 of 10 pts P15-3 (similar to) Question Help Straight bank loan. Lot...
Bank ABC is advertising its current rate for car loans. The sign in the window says 4% APR with monthly compounding. Part A) If instead the bank advertised the effective annual rate (EAR), what would the sigrn say? Part B) What is the effective monthly interest rate? Part C) What is the effective quarterly interest rate? Part D) What is the effective interest rate per decade?
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan, and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61. The amount she owes, the monthly payment, and the interest rates appear in the table below: Loan Type Bank Card Auto Loan Department Store Card TOTALS Loan Amount Annual Percentage rate, APR (Current Debt) Monthly Payment 18% $12,000 $243.85 5.5% $11,500 $257.88 15% R $...
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