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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- If a credit card you are interested in has an APR of 24%, what would the Daily Periodic Rate (DPR) be? (express your answer as a percent) 0.24% 0.000658% O 2% O 0.0658%If a credit card you are interested in has an APR of 16%, what would the Daily Periodic Rate (DPR) be? (express your answer as a percent and as a decimal) O.0438% = .000438 O 000438% = .0438 O.16% = .0016 O 1.33% = 1.33To 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?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?To calculate the withdrawal amount from an account in which you want to maintain a static balance, you use the __________________ formula. Group of answer choices Installment Payment Simple Interest Annuity Compound Interest
- I want to this question answer general AccountingSuppose 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.which of the following banks would you choose for a savings account based on the following rates offered? 1. 6% APR compounded annually 2. 5% APR compounded annually 3. 5% APR compounded semi-annually 4. 4% APR compounded weekly 5. 6% APR compounded quarterly.
