b. 22.84%
EFF = [1 + (APR / m)]m – 1
EFF = [1 + (0.2075 / 12)]12 – 1
EFF = 0.2284 or 22.84%
Finance American Express and other credit card issuers must by law print the Annual Percentage Rate...
29. You plan to invest some money in a bank account. Which of the following banks provides you wi highest effective rate of interest? American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 18.00%, with interest paid monthly, what is the card's EFF%?
Attempts: Score: 1 29. Chapter MC, Sections, Problem 135 stated to be 24 50%, with interest paid Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the AP monthly, what is the card's
.NEED ANSWER ASAP / ANSWER NEVER USED BEFORE, COMPLETELY NEW ANSWER PLEASE a.) Suppose you just won the state lottery, and you have a choice between receiving $3,550,000 today or a 20-year annuity of $250,000, with the first payment coming one year from today. What rate of return is built into the annuity? Disregard taxes. Select the correct answer. a. 1.91% b. 2.71% c. 4.31% d. 3.51% e. 5.11% b.) What's the present value of $6,000 discounted back 5 years...
Patti took a cash transaction of $1500 her new credit card charges an annual percentage rate of 21% transaction fee for Cash advance is 3% of the cash advance with a maximum fee of $35 this fee is added to the total cash advance in accrues interest if Patty makes monthly payments of $65 how long will it take Patty to pay for the cash advance how much does it really cost? (continu Marie just used her new credit card...
Like many college students, Yasmin applied for and got a credit card that has an annual percentage rate (APR) of 15%. The first thing she did was buy a new DVD player for $350. At the end of the month, her credit card statement said she only needed to make a minimum monthly payment of $10. Assume Yasmin makes her payment when she sees her statement at the end of each month. If Yasmin doesn't charge anything else and only...
Part 2: Credit Cards Another type of personal loan is a credit card. A financial institution allows you to charge a purchase to your account, and you are required to pay the financial institution at a later time. As with other loans, credit cards charge interest. Interest rates can range from 3% - 22%. When you are paying for debt on a credit card, the financial institution will require a minimum balance be paid each month. The higher the interest rate that is charged...
22.) A credit card has a stated interest rate of 13.3 percent. What is the APR if interest is compounded monthly? Charming Charlies charges a daily rate of 0.03 percent (.03% or .0003) on its store credit cards. What interest rate is the company required by law to report to potential customers? Charming Charlies charges a daily rate of 0.03 percent (.03% or .0003) on its store credit cards. What is the effective annual rate it charges its customers? Curtis...
#1.) Here is a sample credit card statemet. Use the CARD Statement to answer problems a- d. CARD Statement Account Number 1234 1234 1234 1234 O Statement Closing Date 11/06/08 Credit Line $2,100.00 Available Credit $1,576.80 TERESA TORRES 123 ANY STREET CITY CA 12345 o Account Summary Previous Balance - Credits - Payments + Purchases & Other Chgs - Cash Advances • FINANCE CHARGE - New Balance Payment Information O New Balance O Scheduled Minimum Payment O Scheduled Payment Due...
E. $24.20 Fou are paying an effective annual rate of 20 percent on your credit card. The interest is compounded quarterly. What is the annual percentage rate on this account (calculate the APR using the effective quarterly rate)? A. 17.50 percent B. 18.00 percent C. 18.65 percent D. 18.98 percent E. 19.50 percent 14. The present value of the following cash flow stream is $5.933.86 when discounted at 6 percent annually. What is the value of the missing cash flow?...
E. $24.20 Fou are paying an effective annual rate of 20 percent on your credit card. The interest is compounded quarterly. What is the annual percentage rate on this account (calculate the APR using the effective quarterly rate)? A. 17.50 percent B. 18.00 percent C. 18.65 percent D. 18.98 percent E. 19.50 percent 14. The present value of the following cash flow stream is $5.933.86 when discounted at 6 percent annually. What is the value of the missing cash flow?...