Assume that you have just got your new credit card. The APR is 21.99% compounded daily....
Assume that you have just got your new credit card. The APR is 21.99% compounded daily. If you spend 1,000 using this credit card. How much will you have to pay in 1 year to settle your account. How much interest rate would you have effectively paid?
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Assume that you have just got your new credit card. The APR is
21.99% compounded daily....
Assume you have a credit card that has an interest rate of 24% APR, compounded monthly....
Assume you have a credit card that has an interest rate of 24% APR, compounded monthly. Assume you have a credit balance of $5,000. What would your monthly payment need to be to pay off the balance in 3 years?
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...
1. Suppose you have a credit card with a 24.31% APR on purchases. You pay the...
1. Suppose you have a credit card with a 24.31% APR on purchases. You pay the minimum payment by the statement due date, leaving an outstanding balance of $3,200. How much would the balance be 1 day later? Assume that the card compounds daily. a. $3,200.00 b. $3,264.56 c. $3202.13 d. $3,211.18 2. Suppose you have a credit card with a 24.31% APR on purchases. You pay the minimum payment by the statement due date, leaving an outstanding balance of...
3. (8 points) A credit card offer you got in the mail advertises an APR of...
3. (8 points) A credit card offer you got in the mail advertises an APR of 18% credit card offers 18.5% APR with semiannual compounding a. (6 points) What is the actual interest rate you would be paying annars (1.e. what is the EAR?) vertises an APR of 18% with daily compounding. A second ou would be paying annually on each of the credit cards? b. (2 point) If you took one of the offers, which should you take?
Suppose you have a credit card with a balance of $14,340.87 that charges 10.13% APR on...
Suppose you have a credit card with a balance of $14,340.87 that charges 10.13% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
Suppose you have a credit card with a balance of $10,457.03 that charges 12.65% APR on...
Suppose you have a credit card with a balance of $10,457.03 that charges 12.65% APR on unpaid balances. The minimum payment each month is $35. If you make just the minimum payment, how much interest will be added to your account balance?
22.) A credit card has a stated interest rate of 13.3 percent. What is the APR...
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...
a credit card has a stated rate of 17.3%.What is the APR if interest is compounded...
a credit card has a stated rate of 17.3%.What is the APR if interest is compounded daily?
Question 9 (0.15 points) You have credit card debt of $1,000 at 22% APR compounded monthly....
Question 9 (0.15 points) You have credit card debt of $1,000 at 22% APR compounded monthly. If you charge no more purchases to the card and make monthly payments of $450, how many months will it take you to payoff your debt? Your Answer: Answer
You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each...
You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each month you pay the minimum monthly payment. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 9%. After considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the old card into the new card, and borrow additional money as well....
3. (8 points) A credit card offer you got in the mail advertises an APR of 18% credit card offers 18.5% APR with semiannual compounding a. (6 points) What is the actual interest rate you would be paying annars (1.e. what is the EAR?) vertises an APR of 18% with daily compounding. A second ou would be paying annually on each of the credit cards? b. (2 point) If you took one of the offers, which should you take?
Question 9 (0.15 points) You have credit card debt of $1,000 at 22% APR compounded monthly. If you charge no more purchases to the card and make monthly payments of $450, how many months will it take you to payoff your debt? Your Answer: Answer
Most questions answered within 3 hours.
-
A bag contains a collection of distinguishable marbles. The bag
has three red marbles, six green...
asked 37 seconds from now -
Question 1: If you dropped an object straight down at 1.3m/s
from height of 2.2m. Calculate...
asked 11 minutes ago -
1. Write a program that determines the area and perimeter of a
square. Your program should...
asked 8 minutes ago -
Blake Corporation acquired 100 percent of Shaw Corporation's
voting shares on January 1, 20X3, at underlying...
asked 11 minutes ago -
Consider a random sample of n independent Xi's that was drawn
from a population with mean...
asked 36 minutes ago -
Because of gravitational lensing, we know that most of the mass
of a galaxy is:
A....
asked 28 minutes ago -
Suppose that a 10 MB file is stored on a disk on track number 50
in...
asked 31 minutes ago -
100μL of 1M sodium chloride (NaCl) is mixed with100μL of water
into a single tube.
What...
asked 33 minutes ago -
1.The heights of women aged 20 to 29 follow approximately the
N(64, 2.76) distribution. Men the...
asked 58 minutes ago -
What is the molarity of a solution made up of 82.5g of
Al(NO3)3 in 279 mL...
asked 54 minutes ago -
On an old-fashioned rotating piano stool, a woman sits holding a
pair of dumbbells at a...
asked 42 minutes ago -
Develop (2) criteria for laying off employees while still
practicing ethical and socially responsible leadership, but...
asked 44 minutes ago