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- A firm charges its credit customers 1.67% interest per month. What is the effective interest 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)?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 is the effective annual interest rate of a 8.4% bank loan compounded monthly?Suppose that a savings account pays an effective rate of interest of 11.7 percent. What is the equivalent annual compound interest rate if interest is compounded semi-annually? Answer = %?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?