Kristen's credit card APR is 25.4% compounded daily. What is her actual interest rate per yea O 25.4% O 30.19% O 28.91% 31.91%

Q: f your credit card calculates interest based on 17.35​% ​APR, compounded quarterly ​: a) What are…

A: The effective annual rate of interest is the real return on the savings account when the effects of…

Q: What is the effective rate of a credit card whose Annual Interest Rate is 28.99% and compounds…

A: Annual interest rate = 0.2899 or 28.99% Number of compounding in a year = 365 Effective rate = ?…

Q: loan is below. Payments of $1,987.26 are made monthly. Payment # Payment Interest Debt Payment…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

Q: . The average daily balance on Crandall's credit card is $4,637.23. His APR is 22%. What is his…

A: Annual percentage rate (APR) : It is rate of return calculated for 12 months return. It is given…

Q: The annual rate of interest on a mortage loan is 11 1/2% the monthly interest payment is $453.76..…

A: Annual interest rate = 11.5%   Monthly interest rate = Annual interest rate / 12 = 11.5%/ 12…

Q: Раyment (4.34% paid Раymer paid (2.74% interest) interest) $29,000 automobile with 10% deposit Total…

A: Cost of automobile = $29,000 where  There is a deposit of 10% or $12,000 Assumed: Loan is taken for…

Q: )If your credit card calculates interest based on 17.35​% ​APR, compounded quarterly ​: a) What are…

A: The effective annual rate is the actual rate of interest a loan will charge in a year after taking…

Q: A lender wished to earn an annual simple interest rate of 14%. What annual simple discount rate…

A: Banks frequently subtract basic interest from loan amounts at the moment the loan is originated.…

Q: You invest a single amount for 5 years at 10 percent.At the end of 5 years, you take the proceeds…

A: Future value is the value of annuity on a future date when invested for certain growth or return on…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: We will use the future value calculator with given variables to find out the required information…

Q: Ludwig borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the…

A: Step 1 A percentage of the principal, or the amount loaned, is what a lender charges a borrower as…

Q: What is the rate of interest on a loan of $2,000, for 282 days, if the amount of interest is…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the…

A: In this question we need to compute the Exact interest and Ordinary interest. Given: Principal =…

Q: Dallas Pierce wants to know what rate she is paying on her simple discount note. The maturity value…

A: Understanding the rate on a simple discount note involves calculating the interest paid over a…

Q: The stated interest rate on your account is 12.5%, interest paid monthly. Your effective rate of…

A: Nominal interest rate is 12.5% paid monthly Compounding frequency "n" is 12  To Find: Effective…

Q: Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the…

A: Data given: Principal = $7290 Rate=7% Time=17 days     Formula to be used: Interest = Principal *…

Q: Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to…

A: Ordinary interest is a method of interest calculation where the principal amount remains the same…

Q: 13. Manuel lends Jahib $75 for 3 days. Manuel is paid back $80. Interest is compounded daily.…

A: Solution Given Amount given $75 Period 3 days Compounding Daily Amount paid…

Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

Q: Calculate the finance charge for a credit card that has the given average daily balance and interest…

A: The finance charges are the charges that credit card company collects from customers on the amount…

Q: You borrow $800 from a payday lending company and pay $40 interest for one month.   What is the…

A: Future Value is that amount which includes the principal & interest on that amount. It is paid…

Q: Calculate the finance charge for a credit card that has the given average daily balance and interest…

A: Credit card finance charges or interest is the charge that credit card companies impose on the card…

Q: ery month. What is the APR?

A: APR is annual percentage rate of credit card which is charged based on monthly basis interest rate.

Q: If Inez is charged an interest of $357.76 on a loan of $18946 for 2 months, calculate the rate of…

A: The amount of Interest (I) = $357.76The principal amount (P) = $18,946Time period (T)= 2…

Q: Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using…

A: Rate can be calculated using Rate function in excel. =RATE(nper, pmt, pv, [fv], [type], [guess])…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: It is important for borrowers to carefully review the terms and conditions of any credit or loan…

Q: Using the daily balance method of calculating interest, how much interest will you owe on a $500…

A: Given,  Credit card balance = $500 interest  = 20% = 20/100 = 0.2 time = 3 weeks  = 21/365

Q: Find the tripling time with 4 decimal places on a bank account that pays 7.2% APR if interest is…

A: Compounding is referred to the concept in which the interest earned on an investment also earns…

Q: Use exact interest method to find rate of interest on a loan of $9000 for 354 days if amount of…

A: Given   Loan Amount 9000 Number of days 354 Amount of Interest  489.5 Method of interest…

Q: Vakifbank has recently sent me an SMS message telling that their monthly interest rate for unpaid…

A: Effective rate of interest = [(1+ (Nominal rate/m) )]^m -1

Q: The stated interest rate on your account is 5.6%, interest paid quarterly. Your effective rate of…

A: Effective interest rate is calculated using following equation Effective interest rate = (1+Stated…

Q: a) Determine the APR of the installment loan. APR= % b) How much interest will Ray save by paying…

A: As per the given information: Loan amount (Principal) - $12,000Payments per year (n) - 12Time period…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The annual percentage rate (APR) refers to the annual interest rate generated by borrowers or…

Q: Calculate the interest and total amount to E Pay attention to the term, sometimes peop equal a whole…

A: The total amount of the loan paid is the sum of interest and principal.

Q: Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $70,000 8…

A: Interest Amount = Principal * Interest rate * Number of months / 12

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.