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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Assume an interest rate of 3 percent?
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- A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the EAR?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?What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? A. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. B. Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice. C. A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date. D. Interest of 10 percent will be charged if invoice is paid after two days.
- 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 accountingWhat does "2/10" mean, with respect to "credit terms of 2/10, n/30"? OA. Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice. OB. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. OC. A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date. OD. Interest of 10 percent will be charged if invoice is paid after two days.
- Suppose you have received a credit card offerfrom a bank that charges interest at 1.4% per month,compounded monthly. What is the nominal interest(annual percentage) rate for this credit card? What isthe effective annual interest rate?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?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)
- If the APR (annual percentage rate) of your Wells Fargo credit card is stated to be 19.32%, with interest paid monthly, what is the card's EFF % (i.e., effective annual rate)? - 22.42% 21.13% 24.01% -23.69%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?Complete the following table for the simple discount notes. Use the ordinary interest method. (Round your answers to the nearest cent.) amount due of maturity discount rate time bank discount proceeds 3200 6.25% 125 days ? ?
