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Ryan gray has a balance of 380 on his retail charge card if the store levies a finance charge of 21 percent per year how much monthly interest will be added to his account?
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∙ 7y ago
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∙ 7y ago
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How do you calculate finance charge?
multi the unpaid balance by the monthly interest rate
What three factors determine the amount you pay in finance charges?
Finance charges are billed on any revoling balance. What determines what you pay is the balance at the closing of you monthly statment!!! The key is to pay more than the minimum. On average to avoid interest on credit cards do not carry a revolving balance to avoid interest. Tip: only charge what you can afford to pay!!!!
If a simple interest car loan is paid off earlydo you deduct interest left on the loan from final payment?
loan is 3 year loan with an annual interest of 6.3% and you make monthly payments. Therefore each interest amount will be based on a one month period and thus 1/12 of the annual interest rate. Balance = 10,000 Monthly Interest Rate = 0.525 % 1 months interest = 10,000 * .00525 = $52.50 Your monthly payment is $305.58 Amount applied to balance = 305.58 - 52.50 = $253.08 New Balance = 10,000 - 253.08 = $9,746.92 Next month the interest will be calculated on the new lower balance and your intest payment will be $51.17. so you would have to figure that out by how many pmnts you've made BTW: This doesn't take into account any finance charges, billing charges, etc.
Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance?
$2.99
What is the finance charge on a credit card balance of 3299.19 at a monthly rate of 1.2 percent?
39.59
How do you calculate finance charge?
multi the unpaid balance by the monthly interest rate
What are the risks of having a high interest rate?
Having a high interest rate greatly affects the account it belongs to. It will add up to high finance charges which will increase the balance, increase the monthly payment, and lower the amount of the payment that applies to the principle.
Is savings account interest accrued and posted monthly?
It depends on the terms and conditions etc of the type of savings account. Some savings accounts have interest calculated monthly (on daily balances), and credit the amount of interest to the account monthly. Others do an annual calculation of interest, also based on daily cleared balances, but only credit the account once a year. If interest is credited each month, each subsequent month you also get interest on the interest previously credited to the account. Alternately, if the interest is paid/credited only annually, the sum credited is the total interest for the year. Interest rates are quoted taking these factors into account. An account which credits interest monthly will always pay a slightly lower Gross rate of interest than an account that has an annual interest period. This is to take account of the fact that the return on an account where the balance is increasing monthly (due to interest being added each month) will always give a higher return in the year compared to an an account with the same Gross interest rate, but which is calculated and credited only once a year.
What three factors determine the amount you pay in finance charges?
Finance charges are billed on any revoling balance. What determines what you pay is the balance at the closing of you monthly statment!!! The key is to pay more than the minimum. On average to avoid interest on credit cards do not carry a revolving balance to avoid interest. Tip: only charge what you can afford to pay!!!!
If a simple interest car loan is paid off earlydo you deduct interest left on the loan from final payment?
loan is 3 year loan with an annual interest of 6.3% and you make monthly payments. Therefore each interest amount will be based on a one month period and thus 1/12 of the annual interest rate. Balance = 10,000 Monthly Interest Rate = 0.525 % 1 months interest = 10,000 * .00525 = $52.50 Your monthly payment is $305.58 Amount applied to balance = 305.58 - 52.50 = $253.08 New Balance = 10,000 - 253.08 = $9,746.92 Next month the interest will be calculated on the new lower balance and your intest payment will be $51.17. so you would have to figure that out by how many pmnts you've made BTW: This doesn't take into account any finance charges, billing charges, etc.
What is monthly interest if balance is 20500 at interest rate of 6.5 percent?
Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.
Is there a checking account from Bank of America that will allow me to earn interest while my money is in the bank?
There is an Advantage with Tiered Interest Checking where you can earn up to 0.25% APY. If you have a Bank of America Mortgage, or you keep your average daily balance at $10,000, the account has no monthly fee. Otherwise, a monthly fee applies.
Difference between compounded daily or monthly?
Compounded daily means interest is calculated and added to the account balance every day, resulting in slightly higher overall returns compared to compounding monthly, where interest is calculated once at the end of each month. This difference is due to the more frequent compounding events in daily compounding.
Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance?
$2.99
What is the finance charge on a credit card balance of 3299.19 at a monthly rate of 1.2?
$39.59
What is bank of Americas checking account interest rate?
The only personal checking account that bears interest is the account they call the Advantage with Tiered Interest Checking Account, which offers 0.05%, 0.08%, or 0.10% APY depending on your balance. However, you might need to check if you you can meet the requirements to waive the monthly fee; otherwise, the monthly fee is $25. Note that most checking accounts at the "big name" national banks like Bank of America don't even offer interest at all...
How can you see your account balance?
Check your monthly statement or ask the teller at the bank to give your balance.
