Problem 6-22 Calculating Number of Periods (LO4) One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $540 per month. You will charge 1.3% per month interest on the overdue balance. If the current balance is $16,400, how long will it take for the account to be paid off? (Do not round intermediate calculations. Ensure to round up the final answer to the nearest whole number.) Months for account to be paid off months

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6: Answer both questions

14: Answer both questions

Problem 4 The annual interest rate on a credit card is 16.99%. If a payment of $100 is madeeach month, how long will it take to pay off an unpaid balance of $2,487.56?   PLEASE GIVE FULL SOLUTION

Question 9 Assume that Sean and Catherine only pay the minimum payment on Credit Card #2 (balance $6,500). The minimum balance is 3% of the total balance. What is their minimum monthly payment? $195 Question 10 Using the BankRate calculator and the minimum payment you calculated above, if Sean and Catherine pay the minimum payment plus an additional $25, how many months would it take them to pay off their credit card loan based on a 15.9% APR?

EFFECTIVE VERSUS NOMINAL INTEREST RATES Bank A pays 4% interest compounded annually on deposits, while Bank B pays 35% compounded daily. a. Based on the EAR (or EFF%), which hank should you use? b. Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year? Assume that your funds must be left on deposit during an entire compounding period in order to receive any interest.

5:1 Answer B questions

solve part B please

Problem 5-63 Effective Interest Rate (LO4) Assume you take out a car loan of $7,700 that calls for 60 monthly payments of $210 each. a. What is the APR of the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel. Annual percentage rate % b. What is the effective annual interest rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Effective annual rate %