Homework Answers
2)
Annual percentage rate (APR):
= Interest rate per month×Number of months
= 1.3%×12
= 15.6%
Hence, APR is 15.6%
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Please answer question 2, 3 and 4.
2. If your credit card chrries a rate of...
Please answer 4. You invest in a 30-year US Treasury bond that pays interest of 2.8%...
Please answer
4. You invest in a 30-year US Treasury bond that pays interest of 2.8% per year. If inflation is 2.0% per year, what is: a. The exact, real interest rate (Your answer should be a % carried to 3 places), and b. The approximate real interest rate? (Answer is a % carried to 1 place)
show all wokring 4. You have a credit card account that charges interest at the rate...
show all wokring
4. You have a credit card account that charges interest at the rate of 1.45% per month a. What is APR? EAR? b. In this month's statement, you found out that your credit card company changed its policy. It now charges interest at the rate of 0.0475% per day and claims that it provides better rate than before, since its new APR is lower than previous APR. Do you agree? Are you better or worse off? Show...
What is the EAR (effective annual rate) of a credit card that has a stated rate...
What is the EAR (effective annual rate) of a credit card that has a stated rate of 14.9%? The credit card compounds interest monthly. Record your answer as a decimal, so if the answer is 16.32% record the answer as 0.1632.
Instrucciones de Blog A Instructions: Students should answer the following questions: 1. If your credit card...
Instrucciones de Blog A Instructions: Students should answer the following questions: 1. If your credit card calculates the interest based on 12.5% APR, what is your monthly interest rate and annual effective interest rate, respectively? 2. Suppose your savings account pays 9% interest compounded quarterly. If you deposit $10,000 for one year, how much would you have?
suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit...
suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit card is 22.3% APR compounded monthly, how many years will it take you to pay off this debt if you pay $500 per month? (Answer to the nearest tenth of a year)
10. You have been offered a credit card with an interest rate of 15% APR compounded...
10. You have been offered a credit card with an interest rate of 15% APR compounded monthly. This is equivalent to an effective annual rate (EAR) of: A. 18.39% B. 1.16% C. 16.08% D. 15.25%
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...
4. If a credit card has an APR of 21.5%, what is the monthly interest rate?
4. If a credit card has an APR of 21.5%, what is the monthly interest rate?
airements 1 In cell D11, by using cell references, calculate the monthly interest rate of the current credit card (1...
airements 1 In cell D11, by using cell references, calculate the monthly interest rate of the current credit card (1 pt.). 2 In cell D12, by using cell references, calculate the interest payment on the current credit card (1 pt). Note: The output of the expression or function you typed in this cell is expected as a positive number. 3 In cell D13, by using cell references, calculate the monthly interest rate of the new credit card (1 pt.) 4...
In the description of the terms of your credit card, it states that the card has...
In the description of the terms of your credit card, it states that the card has an APR of 17% with monthly compounding, what is the effective interest rate (on an annual basis)? A 17.00% О в 18.39% С 19.24% O D 17.3196
Please answer
4. You invest in a 30-year US Treasury bond that pays interest of 2.8% per year. If inflation is 2.0% per year, what is: a. The exact, real interest rate (Your answer should be a % carried to 3 places), and b. The approximate real interest rate? (Answer is a % carried to 1 place)
show all wokring
4. You have a credit card account that charges interest at the rate of 1.45% per month a. What is APR? EAR? b. In this month's statement, you found out that your credit card company changed its policy. It now charges interest at the rate of 0.0475% per day and claims that it provides better rate than before, since its new APR is lower than previous APR. Do you agree? Are you better or worse off? Show...
Instrucciones de Blog A Instructions: Students should answer the following questions: 1. If your credit card calculates the interest based on 12.5% APR, what is your monthly interest rate and annual effective interest rate, respectively? 2. Suppose your savings account pays 9% interest compounded quarterly. If you deposit $10,000 for one year, how much would you have?
10. You have been offered a credit card with an interest rate of 15% APR compounded monthly. This is equivalent to an effective annual rate (EAR) of: A. 18.39% B. 1.16% C. 16.08% D. 15.25%
4. If a credit card has an APR of 21.5%, what is the monthly interest rate?
airements 1 In cell D11, by using cell references, calculate the monthly interest rate of the current credit card (1 pt.). 2 In cell D12, by using cell references, calculate the interest payment on the current credit card (1 pt). Note: The output of the expression or function you typed in this cell is expected as a positive number. 3 In cell D13, by using cell references, calculate the monthly interest rate of the new credit card (1 pt.) 4...
In the description of the terms of your credit card, it states that the card has an APR of 17% with monthly compounding, what is the effective interest rate (on an annual basis)? A 17.00% О в 18.39% С 19.24% O D 17.3196
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