Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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How much interest will you have to pay for a credit card balance of $757 that is 1 month overdue, if a 23% annual rate is charged?
You will have to pay $ in interest. (Round to two decimal places.)
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- Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a minimum payment of 3%. What is your minimum payment? What is your interest for 1 month? What is your new balance?arrow_forwardIf you sign a discount note for $9,500 at a bank discount rate of 9% for 3 months, what is the effective interest rate (as a %)?arrow_forwardOnly type answer and give answer fastarrow_forward
- calculate the monthly finance charge for the credit card transaction. Know that it takes 10 days for a payment to be received and recorded and that the month has 30 days . Round to the nearest cent. $4000 balance, 16%, $2500 payment what was the previous balance and the adjusted balance?arrow_forwardYou borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan initiation fee of $18, which is taken out of the initial proceeds of the loan. What is the effective annual interest rate on the loan, taking account of the impact of the initiation fee? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel. Effective annual interest rate 1.49 %arrow_forwardIf you deposit $700 in a bank account that earns 5 percent per year, how much total interest will you have earned after the third year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Total Interest =arrow_forward
- If you want to have $3,172 in 37 months, how much money must you put in a savings account today? Assume that the savings account pays 11% and it is compounded monthly. Round to two decimal places (Ex. $000.00)arrow_forwardToday, you purchased $5300 on a credit card that charges an APR rate of 22.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $100?arrow_forwardIf you earn 5% per year on your bank account, how long will it take an account with $110 to double to $220? (Do not round intermediate calculations. Round your answer to 2 decimal places.)arrow_forward
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