I want to this question answer general Accounting Your credit card company charges you 1.04 percent permonth. What is the annual percentage rate on your account?a. 10.13 percentb. 12.48 percentc. 9.92 percentd. 10.96 percente. 12.78 percent

Step 1: Define Annual Percentage RateAnnual percentage rate (APR) is defined as the aggregate cost…

Answered: Your credit card company charges you…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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So.2
Your credit card statement says that the card has a 0.0562% interest per day. What is the actual annual interest rate? a) 11.6% b) 20.1% c) 14.5% d) 22.8% e) 18.3%
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%
Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 19.00%, with interest paid monthly, what is the card's EFF%? a.18.58% b. 19.52% с. 20.75% d. 21.94% e. 22.65%
What is the effective rate of a credit card whose Annual Interest Rate is 28.99% and compounds daily? 32.89% 33.61% 31.47% 32.43%
3a. You are paying an effective annual rate of 18.974 percent on your credit card. Theinterest is compounded monthly. What is the annual percentage rate on this account? 3b. What is the effective annual rate if a bank charges you 9.50 percent annually butcompounded quarterly?
Calculate the finance charge for a credit card that has been given an average daily balance and interest rate average daily balance is $114.73 and the monthly interest rate is 1.95%
so.4 A credit card has a $730 balance and a 18.44% annual percentage rate the minimum required monthly payment is 2.83% of the balance estimate the credit card balance after 54 payments.
American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 17.25%, with interest paid monthly, what is the card's EFF%? Select the correct answer. a. 18.68% b. 12.88% c. 9.98% d. 24.48% e. 15.78%
Find the finance charge for a charge account with an average daily balance of $1213.58 and a monthly interest rate is 1.547%. Assue interest is calculated on the average daily balance of the account.
Suppose your credit card issuer states that it charges a 17.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? a.16.08% b.16.88% c.15.27% d.17.72% e.18.39%
The stated interest rate on your account is 5.6%, interest paid quarterly. Your effective rate of interest (APY) will be: (Keep 4 decimal places)

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Your credit card company charges you 1.04 percent per month. What is the annual percentage rate on your account? a. 10.13 percent b. 12.48 percent c. 9.92 percent d. 10.96 percent e. 12.78 percent