
Your credit card charges interest of 1.5% per month. The company will quote you an APR...
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)
Your credit card company charges you 1.40 percent per month. What is the EAR on your credit card?
A credit card charges 18% APR. Are you really paying 18% interest? Explain. Calculate the real interest rate on the credit card assuming a daily compounding.
Your credit card charges 2% interest per month on unpaid balances. You maintain a balance of $656. How long will it take to pay off the credit card balance, assuming you make the minimum payment of $45 each month?
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...
Say that you owe the credit card company $1000.00. The company charges you 1.5% per month on the unpaid balance. You have decided to stop using the card and pay off the debt by making a monthly payment of N dollars a month. Write a PYTHON function that takes the monthly interest rate, the starting balance and the monthy payment as parameters, then writes out the balance and total payments for every month until the balance is zero or less....
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance?
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance? Q2: At 5 percent compounded monthly, how long will it take to double your money?
Q1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance? Q2: At 5 percent compounded monthly, how long will it take to double your money?
Your credit card company charges you 1.16 percent per month. What is the annual percentage rate on your account? 9.68 percent 9.91 percent 12.87 percent 10.84 percent 13.92 percent