A bank quotes an interest rate of 10% per annum. How many basis points do you earn in interest on a typical day?
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- Need help with this financial accounting questionSuppose you have received a credit card offerfrom a bank that charges interest at 1.4% per month,compounded monthly. What is the nominal interest(annual percentage) rate for this credit card? What isthe effective annual interest rate?How do I find the annual percentage rate with the effective interest rate?
- If a credit card charges 1½% interest every month, what are the nominal and effective interest rates per year?A bank quotes you a nominal interest rate of 12%, compounded monthly, on a savings account. What is the effective annual rate? %A firm charges its credit customers 1.67% interest per month. What is the effective interest rate?
- To payoff a loan of $1000 you need to make 40 payment of $36.56 per month. What rate of interest are you paying? What is the stated or quoted rate? What is the annual percentage rate? What is the effective annual rate? What rate is bank likely to use to state its rate?7. If the Nominal or Headline Annual Rate of a credit card that charges interest daily is 25%, what is this credit card’s Annual Equivalent Rate (AER)?What effective annual rate can a bank earn on an APR of 10.5 percent, compounded monthly? Can the excel and calculator solution be provided?
- A bank quoted 10% annual interest rate. If the bank compounds the interest rate quarterly, what would be the effective annual rate (EAR)?A commercial bank offers you a credit card with an annual percentage rate APR = 9%, compounding monthly. What’s the credit card’s nominal annual rate?What is the effective annual interest rate of a 8.4% bank loan compounded monthly?