Paige is planning on depositing $1,000 in one of two different savings accounts from two financial institutions: MoneyFirst and MakeCents. The MoneyFirst account offers an interest rate of 0.15% APR, compounded monthly. The MakeCents account offers an interest rate of 0.14% APR, compounded weekly. Which is the better financial decision: the higher interest rate or the more frequent compounding?   Higher interest rate   More frequent compounding

Q: Which do you​ prefer: a bank account that pays 5.0% per year​ (EAR) for three years or a. An account…

A: The following future value formula will be used:

Q: merchant receives an invoice for $8000 with terms 2/10, n/50. a) What is the maximum interest rate…

A: Discount is the amount to be paid less than actual prices and that is done for the early payment of…

Q: You currently have a credit card with a balance of $450. If you have a credit limit of $2,000, what…

A: In order to find out the credit utilization rate, we need to divide the credit availed by total…

Q: There are some excellent free personal finance apps available: Mint.com, GoodBudget, Mvelopes,…

A: The notes can be long term or short-term. The notes are the debt instrument. The notes are accepted…

Q: Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s…

A: Card Balance is $2088.74 APR is 28.99% Minimum payment rate is 3.9%   To Find: Minimum Payment…

Q: There are some excellent free personal finance apps available: Mint.com, GoodBudget, Mvelopes,…

A: A "note" is a written agreement, often referred to as a promissory note, where one party promises to…

Q: You see that First National Bank is willing to make you a four-year $40,000 car loan with an…

A: Variables in the question:Interest charged on car loan =4.2%Interest charged on credit card=16.5%

Q: t down to. One card has a 15% APR, and the other c 5% APR. You have carefully considered your budget…

A: In this we have to calculate monthly interest rate and present value FACTOR and from that we can…

Q: There are some excellent free personal finance apps available: Mint.com, GoodBudget, Mvelopes,…

A: A note is a formal instrument that expresses an obligation to repay a debt to a creditor or an…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Data given: 31 day billing cycle 10/1 Previous balance    $ 1,177.00 10/3 Credit $ 66     cr…

Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…

A: a.Loan ALoan Amount (pv) = $15,000Interest Rate (rate) = 5.9%Time Period = 3 YearsNumber of Payments…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: WORKING AND EXPLANATION

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Annual percentage rate refers to the charge which is paid by the borrower to the lender on the loan…

Q: II. Solve the following problems involving credit cards. Round your answers to the nearest…

A: Variables in the question:12. APR=22.2%13. Average balance for last credit card…

Q: You have received a post - dated check of $10, 000 that is payable in 2 years for a project you…

A: Option 1Option 2Amount (FV)$10,000.00$10,000.00Interest rate25%24%Number of years22Compounding…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: There are some excellent free personal finance apps available: Mint.com, GoodBudget, Mvelopes,…

A: Notes Payable: Notes payable is one of the financial instruments recorded as the liability in the…

Q: Your firm has an average receipt size of $65. A bank has approached you concerning a lockbox service…

A: Savings= Average Receipt*Number of Checks Per Day*Time Saved= 65*8700*2= 1131000

Q: Consider a $5,000, 6%, 180-day interest-bearing note and a non-interest- pearing note for the same…

A: Note means an instrument acknowledging as debt due from one party to another party. Interest bearing…

Q: Zachary Porter of Abilene, Kansas, is contemplating borrowing $10,000 from his bank. The bank could…

A: Add-on Method As per this method, the interest is calculated at the start of the loan. It is then…

Q: a) You currently owe $25,000 on a credit card with a 16% interest rate and a minimum payment of $25…

A: a. Using the credit card calculator at fincalc website, we can determine the time required to pay…

Q: HSBC bank offers a savings account with a 3% annual interest rate, compounded monthly. Kate wants to…

A: Rate of interest per month compunded monthly = 3%12=0.25%

Q: Marcia wants to have $1000 in 10 years. Marcia plans on making no deposits or withdrawals. The…

A: Marcia should invest in that option in which the EAR (effective annual rate) is the highest. EAR =…

Q: Zachary Porter of Abilene, Kansas, is contemplating borrowing $10,000 from his bank. The bank could…

A: The provided information are: Amount being borrowed from bank = $10,000 Rate of interest (i) = 7% =…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: APR = 9%Previous balance = $1156No of days = 31To find: Amount owed.

Q: Clark’s Landscaping bills customers subject to terms 2/25, n/60. Required: Compute the annual…

A: Annual Interest Rate= Discount % / 100 - Discount % * 365 / days paid early

Q: Your firm has an average receipt size of $60. A bank has approached you concerning a lockbox service…

A: Given, Average receipt size = $60 Total collection time decreases = 2 days Checks received per day =…

Q: Mary uses her credit card frequently. Which of the following is the best strategy to minimize the…

A: Credit cards are issued by banks for people holding accounts with the bank. A credit card allows the…

Q: Your firm has an average receipt size of $60. A bank has approached you concerning a lockbox service…

A: Under the lockbox system, the local bank collects the checks from nearby post office boxes where…

Q: Sharla is comparing a credit plan to buying an appliance for cash. The sticker price is $1200. The…

A: The amount payable on cash terms will be lower than the amount owed on credit term or deferral basis…

Q: Hannah is exploring savings options from several different banks and has settled on one of the…

A: The Effective Annual interest Rate (EAR) is the real rate of return earned on an investment after…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Here's a breakdown of Kathy Lehner's credit card balance, incorporating the interest calculation and…