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- Jane has a credit card balance of $21,000. The annual interest rate is 20%. She is required to pay a minimum of 4% of the outstanding balance, but never less than $40. How many months will it take to pay off the credit card balance if she pays $25 in addition to the required minimum payments? You must show your work on an Excel spreadsheet and place in the designated dropbox. 119 163 102 201Natasha has an investment account that earns 6.45% compounded monthly. Amanda has an investment account that earns 6.05% compounded semiannually. Compute the effective rate that Natasha and Amanda are receiving. A) how much did Natasha receive? B) how much did Amanda receive? C) who has the better amount? D) Victoria has an investment account with interest compounded quarterly. What annual interest rate does this account need to carry to earn the same annual percentage yield as Natasha's?Camila Martinez has several credit cards, on which she is carrying a total current balance of $6,500. She is considering transferring this balance to a new card issued by a local bank. The bank advertises that, for a 4 percent fee, she can transfer her balance to a card that charges a 0 percent interest rate on transferred balances for the first 6 months. Calculate the fee that Camila would pay to transfer the balance. $ Describe the benefits and drawbacks of balance transfer cards.
- Imelda opens a savings account with $12,000, which pays an annual interest rate of 7.8%. If she reinvests the generated interest every month and also deposits $2,300 each month, how much will be in the account after 2 years? The interest is reinvested on the same day as the $2,300 deposit. Otions: 69177.89 71052.15 73548.61 70524.79Zoe Robinson has several credit cards, on which she is carrying a total current balance of $14,000. Her current cards charge her 12% per year. She is considering transferring this balance to a new card issued by a local bank. The bank advertises that, for a 3 percent fee, she can transfer her balance to a card that charges a 0 percent interest rate on transferred balances for the first 12 months. How much will Zoe save during the first twelve months if she transfers the balance?Jeff has a credit card balance of 100,000. The annual effective interest rate on the credit card is 18%. He takes out a loan from a loan shark with an annual effective interest rate of 8% to pay off his credit card balance. How much does this strategy save Jeff if he pays off the loan in full with a single payment after 18 months?
- Jassim is a Credit Officer with Riffa Bank and is working on structuring a loan facility for his client. The Bank uses Return on Net Funds Employed to price its loan: Bank policy dictates that loans must generate an 10%6 Rate of Return. Additional loan expenses on this facility will be BHD5,000. How much will Riffa Bank earn from a BHD300,000 loan for 1 year. O a. BHD 30,000 O b. BHD35,000 O C. BHD 40,000 O d. BHD 50,000Melissa visits two competing banks. National Bank and Trust is offering a 5 year CD with an annual interest rate of 3.75%. This account will compound monthly (12 times per year). Jones Town Bank is offering a 5 year CD with an annual interest rate of 3%. This account will also compound monthly (12 times per year). The Jones Town Savings and Loan is offering a $300 bonus to all new customers. This bonus money will be deposited in Melissa’s account on the first day of her account being opened. Assuming Melissa has $10,000 to invest, which bank should she choose? If her investment amount changed to $5000, how would this affect her decision?You owe $2,000 on a credit card that charges 20% interest. You have $2,200 in your savings account that earns 1.69% interest. Your savings account charges $14.50 a month if you keep a balance of less than $1,500 a month. Compare the amount of interest for both to decide what you should do about paying the credit card bill. Consider all factors in the decision. Show your for any calculations you may completed. In a brief paragraph, justify your decision, including a description of all factors that would affect that decision.
- You owe $2,000 on a credit card that charges 20% interest. You have $2,200 in your savings account that earns 1.69% interest. Your savings account charges $14.50 a month if you keep a balance of less than $1,500 a month. Compare the amount of interest for both to decide what you should do about paying the credit card bill. Consider all factors in the decision. Show your for any calculations you may completed.Person A deposits $2750 in an account that pays 5% interest compounded once a year. Person B deposits $2200 in an account that pays 6% interest compounded monthly. Complete parts (a) through (c) below. a. Who will have more money in their account after one year? How much more? Select the correct choice below and fill in the answer box within your choice. (Round to the nearest dollar as needed.) O A. Person A will have $ 552 more than Person B. O B. Person B will have $ more than Person A. b. Who will have more money in their account after five years? How much more? Select the correct choice below and fill in the answer box within your choice. (Round to the nearest dollar as needed.) O A. Person B will have $ more than Person A. O B. Person A will have $ more than Person B.For the best terms on a loan or credit card, you need a credit score above 720. To achieve this, start establishing credit now. Pay all of your bills on time. In addition, use only one-third of your available credit limit and pay off your revolving balance(s) each month. R. J. Johnson has excellent credit. She wants to purchase a piece of equipment for her business and was offered 6% for 60 months for the $47,000 unit. What is her monthly payment by add-on method? Note: Round your answer to the nearest cent. Monthly payment