(Answers: 12%; 12.68%) 3-39 A fim charges its credit customers 134% interest per month. What is...
Ricky Ripov’s Pawn Shop charges an interest rate of 12% per month on loans to its customers. a. What is the Annual Percentage Rate? b. What is the Effective Annual Rate?
Ricky Ripoy's Pawn Shop charges an interest rate of 12% per month on loans to its customers. a. What is the Annual Percentage Rate? b. What is the Effective Annual Rate?
1. Fisher Group offers credit to its customers and charges interest of 2 percent per month. What is the annual percentage rate? 2. A bond currently has a yield to maturity of 8 percent. The bond matures in 3 years and pays interest semi-annually. The coupon rate is 7 percent. What is the current price of this bond?
Sheila's Interior Designs offers credit to its customers at a rate of 1.15 percent per month. What is the effective annual rate of this credit offer?
Ricky Ripov’s Pawn Shop charges an interest rate of 13.7% per month on loans to its customers. Like all lenders, Ricky must report an annual percentage rate (APR) to consumers. What rate should the shop report? What is the effective annual rate (EAR)? Please help me calculate this problem with a financial calculator
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...
Big Dom's Pawn Shop charges an interest rate of 19 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. a. What rate should the shop report? b. What is the effective annual rate?
Michelle has a credit card that charges 1.5% per month. What is the effective rate that the credit card company is charging? (Please show me the steps how to solve this question, thank you)
Ricky Ripov’s Pawn Shop charges an interest rate of 13.25 percent per month on loans to its customers. Like all lenders, Ricky must report an APR to consumers. What rate should the shop report? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual percentage rate % What is the effective annual rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places,...
Jessica owes $2550 on a credit card that charges 1.7% effective interest per month. She decides to pay off the debt by making monthly payments of $70, starting one month from now, followed by a final smaller payment. How many payments, including the final one, will be required? Answer = payments. (3 decimal place)