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- A bank pays 5% with daily compounding on its savings accounts. Should it advertisethe nominal or effective rate if it is seeking to attract new deposits?merchant receives an invoice for $8000 with terms 2/10, n/50. What is the maximum interest rate that the merchant could borrow money at to take advantage of the discount? a 18.25% b 14.90 % € 18.62% d 14.60%If a credit card you are interested in has an APR of 21%, what would the Daily Periodic Rate (DPR) be? (choose all that are correct) 0.0575% ☐.0575 0.000575 5.75% 5.75 21%
- Suppose that the balance of a certain credit card is P43,744.53. The credit card company charges 3.5% per month. How much is the total balance owed to the credit card company.3. Suppose you dopiest SR 5000 in currency into your checking account at a branch of Al-Rajhi Bank, which we will assume that the required reserve ration is %10. a. Use a T-account to show the initial effect of this transaction on Al-Rajhi's balance sheet. b. Suppose that Al-Rajhi Bank makes the maximum loan it can from the fund you deposited. Use a T-account to show the the initial effect of this transaction on Al- Rajhi's balance sheet. Also include in this T-account the transaction from part (a). c. Now suppose that whoever took out the loan in part (b) writes a check for this amount and that person receiving the check deposit in Alinma Bank. Use a T-account to show the the initial effect of this transaction on Alinma's balance sheet.Credit card companies have different policies and rates. One company's policies are as follows: Part 1: a. The monthly finance charge on the amount due is determined by the following rule: 0.0149 times the first $500; 0.0095 times the next $500; and 0.0081 times the amount over $1,000. What is the finance charge on $6,000 rounded to the nearest hundredth of a dollar? $ 52.70 Part 2 out of 2 b. The late charges are 0.05 times the amount past due. What is the late charge on $442.03, rounding the answer to the nearest hundredth of a dollar?
- If a credit card you are interested in has an APR of 24%, what would the Daily Periodic Rate (DPR) be? (express your answer as a percent) 0.24% 0.000658% O 2% O 0.0658%Suppose a credit card has anAPR of 30.07% and changes itscompounding period frommonthly to daily. What willhappen to the effective interestrate charged by the credit card?What is the APR if the monthly rate of interest a credit card company charges on outstanding balances is 1.62%? Select one: O a. APR =(1.0162)^12) -1 = 0.2127, and APR = 21.27% O b. APR = ((1.0162)^7) - 1 = 0.1191, and APR = 11.91% O C. APR =((1.0162)^52) - 1 = 1.3063, and APR = 130.63%
- You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Finance Monthly Payment Amount Number of Rebate Payments Made Loan Charge Financed Payments Fraction Payoff Rebate $4,700 36 $168.33 28 0.044 $ 60 2$ 1,286Consider a $5,000, 6%, 180-day interest-bearing note and a non-interest- bearing note for the same amount and time period with a bank discount of 6%. From the borrower’s point of view, which is the better loan and why?Assume that all banks are loaned up and that the reserve requirement is 2%. If you deposit $10,000 in currency into your checking account, what is the change in the MONEY SUPPLY? (Round answers to the nearest whole number, and be careful about signs.)