Question

You just received a credit card offer in the mail. The credit card has an APR...

You just received a credit card offer in the mail. The credit card has an APR of 20.65%, with the interest being calculated and charged on a monthly basis. What is the APY on this credit card? (Round answers to 2 decimal places, e.g. 52.75.)

The equivalent APY is

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You have just received an offer in the mail from Friendly Loans. The company is offering...
You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $3,250 with low monthly payments of $75 per month. If the interest rate on the loan is an APR of 14.9 percent compounded monthly, how long will it take for you to pay off the loan? Multiple Choice 67.40 months 62.58 months 43.33 months 14.47 months 58.41 months
You just received an offer in the mail to transfer your $5,000 balance from your current...
You just received an offer in the mail to transfer your $5,000 balance from your current credit card, which charges an annual rate of 18.7 percent, to a new credit card charging a rate of 7.9 percent. You plan to make payments of $250 a month on this debt. How many fewer payments will you have to make to pay off this debt if you transfer the balance to the new card? A 2.48 B 2.63 C 3.10 D 2.79...
You spent $2,013 on Christmas gifts and put the purchases on your credit card. Your credit...
You spent $2,013 on Christmas gifts and put the purchases on your credit card. Your credit card has a 14.57% APR compounded monthly. If you want to pay off your credit card balance in 24 months, the first payment next month, how big are the monthly payments? Calculate your answer to two decimal places (e.g. 55.93)
You spent $2,588 on Christmas gifts and put the purchases on your credit card. Your credit...
You spent $2,588 on Christmas gifts and put the purchases on your credit card. Your credit card has a 16.84% APR compounded monthly. If you want to pay off your credit card balance in 15 months, the first payment next month, how big are the monthly payments? Calculate your answer to two decimal places (e.g. 55.93)
2. Suppose a credit card charges an annual percentage rate (APR) equal to 15.24% per year....
2. Suppose a credit card charges an annual percentage rate (APR) equal to 15.24% per year. a) What is the periodic monthly rate charged? b) What is the corresponding effective annual rate (EAR)? c) What is the continuously compounded interest corresponding to the EAR calculated in part b?
You have a credit card with an APR of 16%, compounded monthly, that has a balance...
You have a credit card with an APR of 16%, compounded monthly, that has a balance of $7,000. You want to transfer this balance to a different card with an APR of 14.5%, compounded monthly. Assuming that you will make the minimum payments of $150 per month for either card, what transfer fee would make you ambivalent between transferring or not? PV= FV= PMT= N= I/Y=
Joey realizes that he has charged too much on his credit card and has racked up...
Joey realizes that he has charged too much on his credit card and has racked up $5,600 in debt. If he can pay $150 each month and the card charges 12 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card...
You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the annual percentage rate (APR) is 18% on outstanding balances. If the card is billed monthly with monthly compounding, what is the effective annual rate? (round to two decimals) None of the available choices 1.50% 19.56% 6.00% 17.23% 18.00%
You have a balance of $22,800 on your current credit card. The interest rate charged by...
You have a balance of $22,800 on your current credit card. The interest rate charged by this credit card is 19.8 percent compounded monthly. You plan to make monthly payment of $450. You just got an offer from another credit card to transfer your entire balance to the new card. The new credit card charges interest rate of 4.8 percent compounded monthly. By how many months will you shorten the length of time it will take you to pay off...
You have a credit card with a balance of $17,200 and an APR of 19.2 percent...
You have a credit card with a balance of $17,200 and an APR of 19.2 percent compounded monthly. You have been making monthly payments of $320 per month, but you have received a substantial raise and will increase your monthly payments to $395 per month. How many months quicker will you be able to pay off the account?