Wednesday, November 13, 2019

The Pawn Shop loans money at an annual rate of 23 percent and compounds interest weekly

You are paying an effective annual rate of 18.974 percent on your credit card. The interest is compounded monthly. What is the annual percentage rate on this account? 
 
A. 
17.50 percent

B. 
18.00 percent

C. 
18.25 percent

D. 
18.64 percent

E. 
19.00 percent


 


91.
What is the effective annual rate if a bank charges you 8.25 percent compounded quarterly? 
 
A. 
8.32 percent

B. 
8.38 percent

C. 
8.42 percent

D. 
8.51 percent

E. 
8.61 percent


 


92.
Your credit card company quotes you a rate of 17.9 percent. Interest is billed monthly. What is the actual rate of interest you are paying? 
 
A. 
19.03 percent

B. 
19.21 percent

C. 
19.44 percent

D. 
19.57 percent

E. 
19.72 percent


 


93.
The Pawn Shop loans money at an annual rate of 23 percent and compounds interest weekly. What is the actual rate being charged on these loans? 
 
A. 
25.16 percent

B. 
25.80 percent

C. 
26.49 percent

D. 
26.56 percent

E. 
26.64 percent


 

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