while at the bank, you see a brochure with two saving account options. One pays interest at 4.35% compounded quarterly while the other pays interest at 4.2% compounded continously. what is the effective annual rate for each savings account

Q: se PMT= 1- P to determine the regular payment amount, rounded to the nearest dollar. Your cre -nt…

A: Present value of annuity Annuity is a series of periodic equal payment over a specified period. With…

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A: We need to use previous balance method to calculate monthly finance charge. Finance Charge using…

Q: You have $480 to put into a savings account, and a bank offers you two options: Account A pays 3.1%…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

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Q: If you sign a discount note for $4,400 at a bank discount rate of 8%, for 90 days, what is the…

A: Effective annual rate is defined as the actual rate that is earned on the investment. It shows the…

Q: Use graphical approximation techniques or an equation solver to approximate the desired interest…

A: The annual interest rate is represented as an annual nominal rate, which excludes the effects of…

Q: Bill deposits $100 into a bank account. His account is credited at a nominal discount rate of 4%…

A: Interest credited to the account of Bill and Cynthia at the end of the year will be $4 and $16…

Q: A borrower has two alternatives for a loan: (1) issue a $360,000, 75-day, 6% note or (2) issue a…

A: Notes payable is a promise to pay certain amount by the buyer to the seller on a date and interest…

Q: Your credit card company charges you 21.3% APR (annual percentage rate). If they calculate interest…

A: 1. Given: APR = 21.3% Interest calcualtion: Monthly   To calculate:  Periodic Interest Rate

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: In adjusted balance methods, payments made on transactions will be deducted from balance.Adjusted…

Q: You were considcring depositing your savings in one of three banks, all of which pay 7% interest;…

A: Bank Capital interest rate = 7% annually compounded Bank Daisani interest rate = 7% semiannually…

Q: a) You have a bank account that earns 6.8% interest rate. How much must you deposit (prinicipal) in…

A: The Future Value is calculated with the help of following formula  Future Value = Principal Amount ×…

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: You have just received credit card applications from two banks, A and B. The interest terms on your…

A: Effective Annual Rate is a modified rate of return where it considers the compounding effect.…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Future value = Present value ( 1 + rate of interest )Period Future value = Amount deposited * Future…

Q: Marcus is trying to decide which checking account to open.  Bank A's account pays 1.6%, compounded…

A: To compare the returns on two different accounts, we need to calculate the effective annual interest…

Q: You get an offer for a credit card that charges 13.99% interest APR, compunded monthly. What…

A: Effective Annual Interest Rate: The actual return on a savings account or any other investment that…

Q: A personal account earmarked as a retirement supplement contains $242,300. Suppose $200,000 is used…

A: The interest rate is 6%, compounded quarterly. The interest rate per quarter will be (6%/4) = 1.5%.…

Q: Calculate the monthly finance charge for the credit card transaction. It takes 10 days for a payment…

A: We will calculate the interest on the basis of simple interest.

Q: What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest…

A: Information Provided: payment made = $150 Term = 16 months Interest rate = 6% compounded monthly

Q: Paige is planning on depositing $1,000 in one of two different savings accounts from two financial…

A: Annual percentage rate (APR) refers to the stated interest rate or the nominal rate that is being…

Q: A person has some money in his/her checking account (say $100) and five transactions each of 10, 20…

A: As per withdraw & deposit methods synchronization helps to establish a lock to the object and…

Q: A 12-month certificate of deposit at Middlesex Savings Bank is advertising a 1.2% annua percentage…

A: The question is based on the concept of Cost Accounting.

Q: annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how…

A: We need to use NPER function in excel to calculate time to payoff loan. The formula is:…

Q: sidering depositing your savings in one of three banks, all of which pay 7% interest; bank Capital…

A: Step 1 Compound interest (sometimes called compounding interest) is interest calculated on a deposit…

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 have an account with a $1000 credit limit that charges 12.25% interest using the average daily…

A: In credit cards they are charged based on the daily balance and there is need of daily balance and…

Q: A credit card bill shows a balance due of $1200 with a minimum payment of $24 and a monthly interest…

A: Calculate the effective annual rate (EAR) as follows:

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: Blake Hamilton has money in a savings account that earns an annual interest rate of 3%, compounded…

A: APY stands for Annual Percentage Yield. It is a measure of the total amount of interest earned on a…

Q: Assume you make monthly deposits of $3,000 now into an account that pays 12% per year, compounded…

A: Since you have asked multiple questions, we will solve the first question for you. Please ask the…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: Information Provided: Balance = $600 Rate = 18% Payment = $550 Term = 10/30 days

Q: You wish to make 4 equal annual deposits into a savings account such that at the time of your last…

A:

Q: you sign a discount note for $9,500 at a bank discount rate of 9% for 3 months, what is the…

A: A discount note is a short-term debt obligation issued by highly-rated corporations or…

Q: You need to borrow money. Bank I offers loans at 14.00% compounded yearly. Bank 2 offers loans at…

A: EAR=1+RMM-1

Q: calculate the monthly finance charge for the credit card transaction. Know that it takes 10 days for…

A: There are various method in which the interest on credit card is charges such as previous balance,…

Q: Master Card and other credit card issuers must by law print the Annual Percentage Rate on their…

A: Effective annual rate(EAR) measures the annual percentage rate over a period of time after giving…

Q: A commercial bank offers you a credit card with an annual percentage rate APR = 9%, compounding…

A: Annual Percentage rate = APR = 9%Compound = n = Monthly = 12