What is the annual opportunity cost of a checking account that requires a $500 minimum balance to avoid service charges? Assume an interest rate of 3 percent.
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- 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?Can we calculate the total annual interest payment for a credit card by using the future value formula? how?I want to this question answer general Accounting
- Suppose that you have the capacity to pay, would you rather borrow a loan that is amortized monthly or one that is amotized quarterly? what are your considerations when availing a loan (qualitative or quantitative) discuss.Consider a $5,000, 6%, 180-day interest-bearing note and a non-interest- bearing note for the same amount and time period with a bank discount of 6%. From the borrower’s point of view, which is the better loan and why?am.101.
- What’s the equivalent interest rate to the terms 3/20, n/60? In other words, what is the effective annual rate that is "given" to a customer for this cash discount? (Use 365 days.) HINT: Use the I = P x R x T formula where R = I/PT and choose some value for the gross amount of the invoice (i.e $1,000). Label (%) and round to the nearest whole percent.The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's simple interest rate r. P = $2300, A = $2722, t = 6 months.Calculate the interest? General accounting
- The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)Find the APR (true annual interest rate), to the nearest 0.01%, for the loan given below. Purchase Price Down Payment Add-On Interest Rate Number of Payments $4280 $350 2.8% 12 The APR for the loan amount is?Suppose your credit card issuer states that it charges a 24.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? O a. 26.29% b. 31.12% O c. 29.51% d. 26.82% e. 21.19%
