Find the finance charge on an unpaid balance of $1219.27 in a revolving charge account if the monthly interest rate is 1.5%. The finance charge is $ (Round to the nearest cent.)
Q: Suppose your credit card issuer states that it charges a 24.00% nominal annual rate, but you must…
A: Effective Annual Rate(EAR) = [(1+ nominal rate/n)^n]-1 where, n = compounding period
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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The daily balance method totals your finance charges for each day of the month. To do this…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The average balance method used the average balance in a month to calculate the finance charges.…
Q: If your credit card calculates interest based on 16.75% APR, compounded quarterly: (a) What are your…
A: The yearly rate that incorporates the magnifying effect of many compounding periods each year of…
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 requires PMI that is 0.8% of the loan amount of $460,000. How much (in dollars) will this…
A: Given information: Loan amount is $460,000 PMI requires 0.8% of loan amount
Q: how long will it take for teh account to be paid off?
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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The question is based on the calculation of financial charges on a credit card. The Financial…
Q: a. A Visa credit card issued through Frost Bank carries an interest rate of 1% per month on the…
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Q: A payday loan company charges a $25 fee for a $550 payday loan that will be repaid in 14 days using…
A: Interest Amount = Principal * Rate * Time
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: As per the previous balance method Calculation of finance charges for a billing cycle, uses the…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Information Provided: Balance = $4000 Rate = 16% Payment = $2500 Days it take for payment = 10 Days
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Given information : Time it takes for payment = 10 days Length of month = 30 days Balance = $475…
Q: Good Deal Bank offers your firm a discount interest loan at 7.75% for up to $25 million and, in…
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A: Interest is calculated on unpaid balance method. Interest rate = 1.57% on the unpaid balance on the…
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Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
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A: The cost of borrowing money, including interest and other costs, is a lending expense.
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Finance charge refers to the amount that is billed to the card account if the previous month’s total…
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: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: The term finance charge refers to the cost of borrowed money or the charges that are incurred on the…
Q: the debt is paid off. How long does it take to pay off the credit card debt? ..... out the table row…
A: In this we need to consider the monthly payments and fill the table.
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A: No down payment means that the borrower is not required to pay any amount to the lender as initial…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Finance charges as per previous balance method = previous balance × periodic rate
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Q: A debt of $200,000 is accruing interest at 9% compounded daily. If it is to be repaid by monthly…
A: in this we have to calculate present value FACTOR and period required.
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Given information: Balance amount $3,000 Periodic rate is 17% Payment is $2,500
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: No.of days for a payment to be received and recorded = 10 days Balance = $200 Interest rate = 17%…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: 1. Previous Balance Method = Finance Charge is calculated on the amount which is outstanding at end…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: Case : As the question provides that the payment receive and record would take time of 10 days .…
Q: Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous…
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Q: a credit card has a 30-day billing period, a 20-day grace period, and charges an interest rate of…
A: In this case, we use the average daily balance method to calculate the interest charged. It is one…
Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…
A: As per previous balance method, the interest is ascertained on the outstanding balance at the end of…
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- The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Remaining after Payoff 8.7% 4 $214 What is the finance charge per $100 financed? h = $ (Round to the nearest cent.) The unearned interest is about $ (Round to the nearest cent.) The payoff amount is $ Enter your answer in each of the answer boxes. f12 inser f9 f1o f7 fg f6 f4 f5 esc 5 7 8. %24 3 %23Find the finance charge on the following open-end charge using the unpaid balance method of calculating interest. Unpaid balance: $1230.40 Annual interest rate: 21.6%Find the finance charge for the givevn charge account given in the table. Assume interest is calculated on the average daily balance of the account. Average Daily Balance Monthly Interest Rate $431.64 1.08% The finance charge for the given account is?
- Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and precentage to one decimal) Amount Financed = 100,000 Number of Payments = 72 Monthly Payment = 2,025.50 SOLVING FOR THE FOLLOWING: Finance Charge = $_________ APR= ___________%Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,200 10.4 ?? days $224Calculate 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.) Amount Financed = 17,950 Number of Payments = 48 Monthly Payment = 551.47 SOLVE FOR THE FOLLOWING: Finance Charge = $ Finance Charge per $100 = APR =________________ %
- rive loan is below. Payments of $1,987.26 are made monthly. Payment # Payment 1 1,987.26 2 1,987.26 3 1,987.26 Interest Debt Payment Balance 1,604.17 383.09 1,602.41 384.85 1,600.65 386.61 Provide your answer below: X Y Z Calculate the value of z, the balance of the loan at the end of month 3. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer.The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $414.84 APR 4.0% Remaining Number of Scheduled Payments after Payoff 18 Click the icon to view the annual percentage rate table. ... (a) h= $3.20 (b) The unearned interest is $ (Round to the nearest cent as needed.)Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 years
- Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,300 10.4 107 X days $227 Need Help? Read ItAssume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)Find the finance charge for a charge account with an average daily balance of $1213.58 and a monthly interest rate is 1.547%. Assue interest is calculated on the average daily balance of the account.