You've worked out a line of credit arrangement that allows you to borrow up to $60 million at any time. The interest rate is .592 percent per month. In addition, 2 percent of the amount that you borrow must be deposited in a noninterest-bearing account. Assume that your bank uses compound interest on its line-of-credit loans. a) What is the effective annual interest rate on this lending arrangement? b) Suppose you need $33.32 million today and you repay it in four months. How much interest will you pay?

Solve the problem below. 2. Suppose that your bank has a minimum loan charge of $48 when you borrow at 6% ordinary interest for 90 days. What principal borrowed will result in a $48 interest charge?

Suppose that you're planning a vacation and borrow $2,000 from a bank for one year at a stated annual interest rate of 14 percent, with interest prepaid (a discount interest loan). Also, assume that the bank requires you to maintain a compensating balance equal to 10 percent of the initial loan value. What effective annual interest rate are you being charged?

To 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?

Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual interest rate of 19%. With no further purchases charged to the card and the balance being paid off over five years, the monthly payment is $125, and the total interest paid is $2700. You can get a bank loan at 11.5% with a term of six years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) This is $ O A. The monthly payments for the bank loan are approximately $ monthly credit-card payments. O B. The monthly payments for the bank loan are approximately $ monthly credit-card payments. This is $ more than the less than the

One bank offers to loan you money at an interest rate of 12% compounded quarterly, and another bank offers to loan you money at 11.8% compounded continuously. Which loan would you prefer, and why?

You plan to borrow $10,000 from the bank. For a four-year loan, the bank requires annual end-of-year payments of $3,223.73. What is the annual interest rate on this loan?

Suppose that you borrow $200,000 in the form of a 12-year loan with an annual interest rate of 6% with monthly payments and monthly compounding. How much principal will you pay in the last year of the loan? Please describe how to solve using a financial calculator thank you.

Provide answer this financial accounting question

Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of - nt 1- + n $4500 and an annual interest rate of 18%. With no further purchases charged to the card and the balance being paid off over four years, the monthly payment is $132, and the total interest paid is $1836. You can get a bank loan at 10.5% with a term of five years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) O A. The monthly payments for the bank loan are approximately $ This is $ more than the monthly credit-card payments. O B. The monthly payments for the bank loan are approximately $ This is $ less than the monthly credit-card payments. b. How much total interest will you pay? How does this compare with…