What is the effective cost of trade credit under the credit terms of 3/10, net 45? Assume 365 days in a year for your calculations. Round your answers to two decimal places. Do not round intermediate calculations.
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- 14. Trade credit terms of 2/10, net 90 are available. Calculate the cost of trade credit when payment is made on the net due date using the EAR (also known as APY). Use a 360 day year.If a firm buys under terms of 1/15, net 40, but actually pays on the 20th day and still takes the discount, what is the nominal cost of its nonfree trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places.Explain the meaning of a 20% annual percentage rate (APR) quotedby the credit c.ird company? And how the credit card company calculates theinterest payment?
- Calculate the nominal annual cost of nonfree trade credit under each of the following terms. Assume that payment is made either on the discount date or on the due date. 2/15, net 20 1/10, net 45 3/15, net 45 2/ 10, net 50 2/15, net 35Your company has been offered credit terms on its purchases of 4/30, net 90days. What will be the nominal annual cost of trade credit if your companypays on the 35th day after receiving the invoice? (Assume a 365-day year.) Show your complete solution.What is the nominal cost of trade credit if the terms are 4/10, net 45 assuming that customers forego the discount and pay on the 45th day? (365 in year) Need solution
- A loan is offered with monthly payments and a 9.75 percent APR. What's the loan's effective annual rate (EAR) ? Note: Do not round intermediate calculations and round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34).Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and precentage to one decimal) Amount Financed = 100,000 Number of Payments = 72 Monthly Payment = 2,025.50 SOLVING FOR THE FOLLOWING: Finance Charge = $_________ APR= ___________%Your bank account pays interest with an EAR of 4%. What is the APR quote for this account based on semiannual compounding? What is the APR with monthy son eTe compounding? (Note Be careful not to round any intermediate steps less than sir decimal places) tnmenti What is the APR quote for this account based on semiannual compoundng? The APR quote for the account with semiannual compounding in Round to thre decimal places) ilts Suppose the interest rate is 9.3% APR with monthly compounding What is the prosent value of an annulty that pays $00 every three months for four years? (Note: Be son ete careful not to round any intermedate steps less than six decimal places) pmenti The present value of the annuty is s (Round to the nearest cent) A payday loan is structured to obscure the true interest rate you are paying For example, in Washington, you pay a $32 "lee" for a two-week $205 payday loan (when on ele you repay the loan, you pay $237). What is the effective annual interest rate for…
- What is the nominal cost of trade credit ifCompare the annual percentage yield (APY) of loan A, with nominal interest rate 10% and quarterly compounding to loan B, which has nominal interest rate 12% and daily compounding. Round answers to one decimal place. APY Loan A: APY Loan B: I %What are the interest cost and the total amount due on a six-month loan of $2,100 at 13.5 percent simple annual interest? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Six-Month Loan Interest cost Total amount due