The Gallery offers credit to its customers at a rate of 1.6 percent per month. What is the effective annual rate (EAR or EFF%) of this credit offer? a) 7.06% b) 20.98% c) 13.20%

Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)

A car dealer offers payments of S522.59 per month for 48 months on a S25, 000 car purchase (Assume a S4, 000 cash down payment) . What is the loan'sapproximate annual percentage rate of interest? 12 % 9% 6% 11%

a. If you take out an $7,900 car loan that calls for 60 monthly payments starting after 1 month at an APR of 12%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to2 decimal places.) Effective annual interest rate %24

A $90,000 loan at 7.7% compounded semiannually requires monthly payments of $1,600. Calculate the final payment.   $1291.47  $1144.46   $1289.61   $1165.92  $1137.28

A loan of $13,000 at 5.65% annually requires $2938 interest. For how long is the money borrowed?

5

What is the effective annual rate on a loan that charges 8.2 percent, compounded quarterly? Multiple Choice O 8.37 percent O 8.20 percent O 8.46 percent O 8.50 percent

EAR

The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is less than $20,000. Express your answer as a percentage rounded to the nearest hundredth of a percent, if necessary.  First Bank of Lending Loan APR Loan Amount APR* <$20,000 12.25% $20,000–$99,999 9.99% >$99,999 6.75%