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 Builders is borrowing $150,000 today for 5 years. The loan is an interest-only loan with an APR of 9.5 percent. Payments are to be made annually. What is the amount of the first annual payment?
What is the future value of a lump sum of $100,000 invested for 6 years at an annual return of 4.0%
You deposit $1,000 in a savings account that pays 9 percent interest, compounded annually. How much will your account be worth in 6 years?
Jennifer wants to save enough for a deposit on a car which she hopes to buy after her graduation, expected to be 3 years from today. If she buys a 3-year CD of $2,000 earning 2.0% per year, how much will she have for the deposit on her graduation?
Homework Answers
Add Answer to:
22.)
A credit card has a stated interest rate of 13.3 percent. What
is the APR...
25. You have an outstanding loan with an EAR of 10.5 percent. What is the APR...
25. You have an outstanding loan with an EAR of 10.5 percent. What is the APR if interest is compounded monthly? 26. Curtis Builders is borrowing $150,000 today for 5 years. The loan is an interest-only loan with an APR of 9.5 percent. Payments are to be made annually. What is the amount of the first annual payment? 27. What is the future value of a lump sum of $100,000 invested for 6 years at an annual return of 4.0%...
A credit card has a stated rate of 17.3%. What is the APR if interest is...
A credit card has a stated rate of 17.3%. What is the APR if interest is compounded daily? 17.3% 18.9% 18.5% 18.7%
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?
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card...
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly. What will Tobyis' monthly payment be if he pays off the full amount in equal monthly payments over the next 4 years? Work: 3.b Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly but he can switch to a new lower interest rate card...
If you put up $32,000 today in exchange for a 7.25 percent, 20-year annuity, what will...
If you put up $32,000 today in exchange for a 7.25 percent, 20-year annuity, what will the annual cash flow be? Dinero Bank offers you a $23,000, 8-year term loan at 9 percent annual interest, What will your annual loan payment be? Barcain Credit Corp. wants to earn an effective annual return (EAR) on its consumer loans of 13 percent per year. The bank uses daily compounding on its loans. Required: What interest rate is the bank required by law...
13. Phoebe realizes that she has charged too much on her credit card and has racked...
13. Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt? A. 28.63 months B. 35.00 months C. 47.71 months D. 48.68 months 14. What is the interest rate ofa 4-year, annual $1,000 annuity with present value of $3,500? A. 3.85 percent B. 5.56...
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...
E. $24.20 Fou are paying an effective annual rate of 20 percent on your credit card....
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....
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?...
What is the relationship between an annually compounded rate and the annual percentage rate (APR) which...
What is the relationship between an annually compounded rate and the annual percentage rate (APR) which is calculated for truth-in-lending laws for a loan requiring monthly payments? Multiple Choice The APR is lower than the annually compounded rate. The APR is higher than the annually compounded rate. The APR equals the annually compounded rate. The answer depends on the interest rate.
3.a Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly. What will Tobyis' monthly payment be if he pays off the full amount in equal monthly payments over the next 4 years? Work: 3.b Credit Card Payments. Tobyis owes $9,000 on his credit card at graduation. His credit card charges him 24% interest annually compounded monthly but he can switch to a new lower interest rate card...
13. Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt? A. 28.63 months B. 35.00 months C. 47.71 months D. 48.68 months 14. What is the interest rate ofa 4-year, annual $1,000 annuity with present value of $3,500? A. 3.85 percent B. 5.56...
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?...
Most questions answered within 3 hours.
-
All of the following are primary elements of just-in-time
except ____.
Group of answer choices
have...
asked 2 minutes ago -
The coefficients respectively for X1, X2, X3, X4 and X5 are .01,
.02, .03, .04 and...
asked 2 minutes ago -
Tree Species: Sugar Maple (Acer Saccharum)
Explain the re-translocation processes in Sugar Maple, what
nutrients are...
asked 3 minutes ago -
What is the methodology that should be used when developing a
risk management plan for an...
asked 58 minutes ago -
The factory method and the abstract factory pattern use
different object oriented
mechanisms are used to...
asked 4 hours ago -
Given the data below for the monthly sales data at each branch in
your region for...
asked 5 hours ago -
Blossom Company owns 10000 of the 50000 outstanding shares of
Taylor, Inc. common stock. During 2018,...
asked 6 hours ago -
Calculate the following: ***SHOW ALL WORK!!!! Or
NO CREDIT*** Circle your answers. 8pts
each
In the...
asked 8 hours ago -
Bank Z is currently advertising interest rates on its checking
account. They claim to pay an...
asked 8 hours ago -
List two ways of transformation on the response variable that
can be used to deal with...
asked 9 hours ago -
If a 2000 ohm resistor has a -3.90 mA current going through it.
What is the...
asked 9 hours ago -
Please comment on the sentences.
Some types of jobs require more training than others. Some
companies...
asked 10 hours ago