ssume that you have a balance of $4600 on your Discover credit card and that you make no more charges. Assume that scover charges 26% APR and that each month you make only the minimum payment of 2.3% of the balance. hat will the balance be after 10 years? nter your answer rounded to the nearest cent.

Q: Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid…

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Q: Jon plans to start a saving account. His plan is to deposit $59 each month into a money market…

A: The number of months it will take to accumulate $1000 can be calculated with the help of NPER…

Q: Suppose you plan to start a saving account. You plan to deposit $98 each month in to a money market…

A: Compound = Monthly = 12Payment = p = $98Interest Rate = r = 6 / 12 = 0.5%Future Value = fv = $2000

Q: You have a credit card that has a balance of $7590at an APR of 21.99%. You plan to pay $400each…

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A: Here, To Find: Weekly withdrawals =?

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A: Variables in the question:Initial deposit = $2200APR = 0.26% (compounded monthly)N=10 years

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Q: You plan on depositing $370 every month for the next 11 years in an account that pays a 0.8%…

A:

Q: You have a balance of $7500 on your credit card and you make no further charges. If your APR is…

A: Monthly rate = APR /12 = 12.5% / 12 = 1.041667%

Q: You have a balance of $12,000 for your tuition on your American Express credit card. Assume that you…

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Q: You have a credit card with an APR of 24%. The card requires a minimum monthly payment of 8% of the…

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Q: You deposit $ 70,565 in your account today. You make another deposit at t = 1 of $ 51,167 . How much…

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Q: Give answer with calculation and explanation, Provide Correct and Incorrect option explanation

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.