You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 1.8 percent per year, compounded monthly for the first six months, increasing thereafter to 17 percent compounded monthly. Assuming you transfer the $6,900 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 1.8 percent per year, compounded monthly for the first six months, increasing thereafter to 17 percent compounded monthly. Assuming you transfer the $6,900 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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You wish to make 4 equal annual deposits into a savings account such that at the time of your last deposit there is $108,581 in the savings account. If the interest rate on the account is an annual nominal interest rate of 3.9% compounded daily, how much must the equal annual deposits be? Provide an exact answer to two decimal places. -Be sure to use the correct annual interest rate when determining the required annual deposit (i.e. you must use the effective annual interest rate) -Use 365 days for the number of days in a year
One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $580 per month. You will charge .98 percent per month interest on the overdue balance. If the current balance is $14,800, how long will it take for the account to be paid off? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Number of months
Michela Navarro has $3,956.71 in credit card debt. If she makes a monthly payment of $125 (and makes no additional charges on the account), how many months will it take to repay the debt if the annual interest rate on the credit card is 22.1%? Round up to the nearest month.
You're prepared to make monthly payments of $260, beginning at the end of this month, into an account that pays 12 percent interest compounded monthly. How many payments will you have made when your account balance reaches $67,000? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Number of payments
Suppose your Visa credit card charges an APR of 13.5%, compounded monthly and your current statement shows a balance of $758.50.a) If you make no payments and no additional purchases for one year, what will bethe amount owed at the end of that year?b) How much total interest will be paid?c) What is the nominal rate?d) What is the effective annual rate (EAR)?e) Suppose this credit card company requires a minimum monthly payment of $25.Assuming that no additional purchases are made and also assuming that this minimum amount is paid every month, prepare an amortization schedule for the first three months of payments.
You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 3.9 percent per year, compounded monthly for the first six months, increasing thereafter to 18.8 percent per year, compounded monthly. Assuming you transfer the $19,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Interest owed
You initially invest $5, 000 into an account, and at the end of the first year, invest another $5, 000. At the end of the third and fourth year you withdraw X from the account. For any withdrawal, there is penalty of 1% on the amount withdrawn. Find X if the account has $10, 000 in it at the end of the fifth year, and the account earns an effective annual interest rate of 7% for the the entire five years.
your credit card has a balance of $4,500 and an annual interest rate of 16%. you decide to pay off the balance over 3 years. if there are no further purchases charged to the card, a.- how much must you pay each month? b.-what is the total interest paid over 3 years?
K Suppose that on January 1 you have a balance of $2500 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
You expect to have the given amount in an account with the given terms. Find how much you can withdraw periodically in order to make the account last the specified amount of time. Round your answer to the nearest cent. Account balance: $700,000 Interest rate: 4.65% monthly 17 years Frequency Time: Periodic Withdraw: $
What am I doing wrong?
Español Leila takes out a loan for her college tuition from a bank that charges simple interest at an annual rate of 6.4%. Her loan is for s5300 for 7 months. Assume each month is of a year. Answer each part below. 圖 Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 7 months. Assuming Leila doesn't make any payments, find the amount (b) owed after 7 months.

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