Calculate the annual percentage rate(APR) as follows:
APR = Rate * 12 months
APR = 1.45%*12
APR = 17.40%
Question 3 4 pts Lee is charged 1.45% interest on her credit card account each month....
Question 5 10 pts A Credit card company is charging a nominal interest of 18%. Interest is computed on monthly basis. What will be the effective yearly interest rate? A. 12% B. 18% C. 23.9% D 19.6% D OB ос
phoebe realizes that she has charged too much on her credit card and has racked up $6000 in debt. if she can pay $200 each month and the card charges 18 percent apr (compounded monthly) , how long will it take her to pay off the debt?
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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...
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...
Question Help 0 A new employee charged $8490 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest...
Sydney took a cash advance of $150 by using checks linked to her credit card account. the bank charges a cash advance fee of 3 percent on the amount borrowed and offers no grace period on cash advances. Sydney paid the balance in full when the bill arrived. what was the interest for 1 month at an APR of 20%
Question 3 1 pts Consider the following credit card activity for the month of October: Date Balance Number of Days October 1 $277 4 October 5 $391 7 October 12 $454 7 October 19 $575 5 October 24 $691 5 October 29 $778 3 If this card's annual APR is 26.47% and the balance is paid during the grace period, what is the total amount owed for October? Round your answer to the nearest dollar.
A new employee charged $ 4730 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 2 years? b. How much total interest will he...
alexis buys groceries using her credit card. her card has an APR of 19.99% and she must pay at least 5% of the balance at the end of each month. if her carry-over balance is 298.5, what would her finance charge be at the end of the 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...