Your credit card company charges you 1.45 percent per month. What is the EAR on your credit card? Multiple Choice A 16.53% B 18.13% C 18.86% D 17.40% E 19.80%

Q: Problem #1. You have a Visa credit card account with a 22.75% annual percentage rate calculated on…

A: Data given: Billing date: 1 st day of month APR=22.75%   Period No of days Nature of Transaction…

Q: Beginning Balances for Quentin's Four Credit Cards Card A Card C Card D Balance $4,134.00 $932.00…

A: The value of interest payable over the term of the loan and the loan value due is equal to the total…

Q: You have a credit card that charges an interest rate of 16.4% compounded monthly. The table below…

A: Average daily balance is an accounting method that calculates the interest at the end of each day.…

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: Dallas Pierce’s most recent credit card statement follows. His finance charge is 15% APR. Calculate…

A: Finance Charge:- It is a form of compensation to the lenders for providing funds or extending credit…

Q: Fill in the chart below using the information for Credit Card Finance. Mike starts with $1299.99…

A: APR is Annual Percentage Rate  it is expressed as interest rate.  and  charged to borrowers and paid…

Q: Currently, your credit card has a balance of $14,000. The credit card has an effective monthly…

A: The number of monthly payments may be calculated through following formula   Present value =…

Q: Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: Average daily balance = sum of balance at the end of each dayno of days in billing cycle

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

A: When the bank borrows money from the depositors which is said to be the deposited fund by the…

Q: Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00…

A: Loan is a value which is borrowed from external sources like banks for a specific period. This…

Q: Dallas Pierce's most recent credit card statement follows. His finance charge is 18% APR. Calculate…

A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00…

A: Amount of Interest paid can be calculated as the difference between the total amount paid through…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Notes:Effective Annual Interest RateE=(1+ni​)n−1Where:E = Effective Annual Interest Ratei = Annual…

Q: As a jewelry store manager, you want to offer credit, with interest on outstanding balances paid…

A: APR is a percentage that expresses the real annual cost of borrowing money throughout the course of…

Q: 1. The average daily balance for Maggie Mae's last credit card statement was $1,634.28, and she had…

A: 1. a. APR = 18%    The monthly interest rate for Maggie Mae is  Monthly Interest…

Q: 1. showed these transactions: A credit card statement for July July 1 Previous balance July 6…

A: Meaning of Unpaid Balance Method  Although not commonly used, when the unpaid balance method is…

Q: Assume that you have a balance of $3400 on your credit card and that you make no more charges.…

A: Credit Card is short-term credit facility provided to retail customers by financing entities that…

Q: me that you ave a balance of on your crea month you make only the minimum payment of 5% of the ha

A: The APR offers a uniform method for evaluating loans, enabling borrowers to assess the overall cost…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Credit cardA sort of credit facility offered by banks is a credit card, which enables users to…

Q: Dallas Pierce's most recent credit card statement follows. Her finance charge is 18% APR. Calculate…

A: Average daily balance is calculated by weight average of unpaid balance, where the weight is the…

Q: using a credit card, each time you make a purchase with the credit card, deduct the account. That…

A: Previous balance (10/1): $1,178Credit (10/3): +$3.65 (Assuming this is a credit to her…

Q: Which of the following is true about credit card finance? a. Interest rates are high on credit card…

A: Credit card finance is the finance that allows credit without any collateral security. A credit card…

Q: Your credit card billing cycle is 10 days. You started your billing cycle with a balance of $500. On…

A: A credit card is an instrument that provides the holder access to debt capital that they can use…

Q: You pay off your full credit card bill every month. Should you ever borrow up to your credit limit?…

A: Credit card is referred to as the card, which used to allow the person to borrow the funds for…

Q: Please don't use AI solution

A: Detailed explanation: To determine the best choice for a savings account, we need to compare the…

Q: You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…

A: Credit Card Amount = $5,000 Interest rate = 23%  Time duration = 4 years

Q: What is the average daily balance for this account? What is the finance charge for the month of…

A: Finance Charge: Finance charge implies the amount charged for the usage of credit.   Average Daily…

Q: What is the current balance that Joe Doe owes? $1270.54 2.What is the total amount that Joe charged…

A: Hi student Since there are multiple sub parts,we will answer only first three subparts. If you want…

Q: 2. The APR on Christie's credit card is currently 32.4%. What is the monthly periodic rate

A: The monthly periodic rate is calculated using following equation Periodic rate = APRm Where, APR is…

Q: which of the following banks would you choose for a savings account based on the following rates…

A: Banks provide interest on deposited amount at fixed rate. Higher the rate, higher will be the…

Q: Another type of personal loan is a credit card. A financial institution allows you to charge a…

A: Hi, since the question needs to be olved using credit card payoff calculator. An online calculator…

Q: Consumers Credit Union https://www.consumerscu.org/ Auto 48 months Use the calculator at…

A: N = 48 months   Case 1 Purchase price = 29,000 Deposit = 10% Loan = Purchase Price  - (1-Deposit%) =…

Q: Beginning Balances for Quentin's Four Credit Cards Card A Card B Card C Card D Balance $4,134.00…

A: The value of interest payable over the term of the loan and the loan value due is equal to the total…

Q: You are the $). (Round dollars to the nearest cent.) Amount Number of Monthly Payments Financed…

A: A borrower may sometimes pre pay a loan, that is pay before the due date. In such a case the lender…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Credit card A sort of credit facility offered by banks is a credit card, which enables users to…

Q: Current Rate Range (do NOT use introductory rate) Annual Financial Institution Card Type Bonuses or…

A: Following points to be seen before choosing Credit Card: No annual fees,therefore American express…

Q: Assume you buy a washing machine for $849. You put is on your credit card that charges 23.75% APR,…

A: Annual Percentage Yield is the real rate of return that is earned on an investment, considering the…

Q: You purchase a dishwasher for $1261.60 plus 7% sales tax. The appliance store offers an installment…

A: when we have a sufficient amount for buying a product the seller would apply pays in installments.…

Q: If Doug has a credit of $2,000 on his Visa and spends on average $600 a month, what is Dougs credit…

A: Credit utilization is used to determine the credit score of the borrower. It gives the percentage of…