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- Need help with this financial accounting questionIf a credit card charges 1½% interest every month, what are the nominal and effective interest rates per year?Suppose 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?
- 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?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?
- If a savings bank pays 5.5% interest every 3 months, what are the annual nominal and effective interest rates?A bank quotes you a nominal interest rate of 12%, compounded monthly, on a savings account. What is the effective annual rate? %What monthly compounded interest rate would Second National Bank need to pay on savings deposits to provide an effective rate of 6.2%?
- What is the effective annual interest rate of a 8.4% bank loan compounded monthly?If the bank states an effective interest rate of 13.5% per year, and there are 52.15 weeks, how much interest do you earn on a deposit of $120,000 over 1 week?1. If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money?