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Does a Sears credit card have high interest rates?
"Yes - consumer reviews indicate that the Sears credit card has interest rates so high they're problematic for many card carriers. The Sears card has an APR (annual percentage rate) of 25.24%, which is very high compared to other credit cards. Sears also uses gimmicks like ""deferred interest"" to make money from customers: they offer a year-long promo period after you get your card in which there is zero interest on items purchased, but if you don't pay back the interest in full by the end of the promo period, you end up paying all the back interest for the entire year."
Why does closed-end credit have a better interest rate than open-ended credit?
Generally, closed-end credit has a better interest rate than that of open-ended credit because closed-end credit is less risky insomuch as there is a limit on how much credit may be utilized (whereas there is no limit for open-ended credit). Because lenders look at the risk-reward aspects of the product portfolio, a lower-risk product warrants a lower interest rate than one having higher risk.
What is the annual percentage rate (APR) on a credit card?
You can think of APR as the amount of interest you would pay if you borrowed an amount of money and kept it for one year. At the end of the year the APR would be multiplied times the amount you borrowed and that would be the interest you would owe. Of course it isn't used that way for credit card purchases. The credit card company divides the APR by 365 to create a daily interest rate. Then they multiply this daily rate times the number of days in the billing period and then by the amount you owe at the end of the period before interest is added and add this to the amount you owe. If you mean what is the APR on your credit card, this varies by the card you hold and is often used to decide which card to get, because the lower the APR the less interest you will have to pay.
Rolex borrowed 3600 from a credit union for 6 months at and interest rate of 10 percent per year how much did he owe the credit union at the end of the 6 months?
3600x10%=360 360x.5=180 3600+180=3780
How much interest will you pay if you borrow 2000 and you have to pay it back in two and a half years at 10 percent?
If the rate is simply 10 percent, then you will have to pay 10% of 2000, which is 200. If the rate is 10% per year and you have to pay that interest at the end of each year, you will pay 200 at the end of the first year, another 200 at the end of the second year, and 100 when you repay the loan six months later. A total of 500. But if the interest at the end of each year is not paid at that time it gets added to the loan and you now have to pay interest on the interest as well as on the original loan. So at the end of the first year you will owe 2200, at the end of the second year you will owe 2420, and six months later you will owe 2541, of which 541 would be interest. Calculations: End of first year = 2000 + 10% (200) = 2200 End of second year = 2200 + 10% (220) = 2420 The interest for the third year would be 2420 x 10% = 242 but as it is only for half a year it will be half of 242 = 121. Summary of interest calculations: 200 + 220 + 121= 541
What is the interest on 100 at the end of the year?
what is the interest on $100 at the end of the year
Does a Sears credit card have high interest rates?
"Yes - consumer reviews indicate that the Sears credit card has interest rates so high they're problematic for many card carriers. The Sears card has an APR (annual percentage rate) of 25.24%, which is very high compared to other credit cards. Sears also uses gimmicks like ""deferred interest"" to make money from customers: they offer a year-long promo period after you get your card in which there is zero interest on items purchased, but if you don't pay back the interest in full by the end of the promo period, you end up paying all the back interest for the entire year."
Why does closed-end credit have a better interest rate than open-ended credit?
Generally, closed-end credit has a better interest rate than that of open-ended credit because closed-end credit is less risky insomuch as there is a limit on how much credit may be utilized (whereas there is no limit for open-ended credit). Because lenders look at the risk-reward aspects of the product portfolio, a lower-risk product warrants a lower interest rate than one having higher risk.
What does compounded annually mean?
At the end of the year the interest is deposited in the account. The next year the interest is figured on the principal plus last year's interest.
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
If a simple interest of 4.5 percent was paid at the end of the year then find the balance at the end of the year?
The formula for simple interest is Interest = Principal x Rate x Time ÷ 100 As the rate is an annual rate and the period is 1 year then Interest = Principal x 4.5/100. The balance at the year end = Principal + Interest = Principal x 104.5/100.
What is the annual percentage rate (APR) on a credit card?
You can think of APR as the amount of interest you would pay if you borrowed an amount of money and kept it for one year. At the end of the year the APR would be multiplied times the amount you borrowed and that would be the interest you would owe. Of course it isn't used that way for credit card purchases. The credit card company divides the APR by 365 to create a daily interest rate. Then they multiply this daily rate times the number of days in the billing period and then by the amount you owe at the end of the period before interest is added and add this to the amount you owe. If you mean what is the APR on your credit card, this varies by the card you hold and is often used to decide which card to get, because the lower the APR the less interest you will have to pay.
Does deduction end or start with a generalization?
Deduction STARTS with a generaliztaion! Induction ENDS with a generalization!
What is accured interest?
Accreud interst is interst payable that has not been paid yet: Double entry: Debit : Say Laon Interest Account Credit: Interest Payable Account Accrued Interest: This is the interest which we have earned but not yet received. Example: If there is a contract that we will receive the interest on money landed to somebody of $ 1200 at the end of the year then after 1 month we have earned the interest of $ 100 but not yet received so we will show that $ 100 in the asset side of balance sheet as accrued interest. The above is Accrued Interest Income. Similarly, you can have Accrued Interest Expense. So, using the above example, if you were the borrower, at the end of the first month you would debit Interest Expense for $100 and credit a liability account called Accrued Interest.
Rolex borrowed 3600 from a credit union for 6 months at and interest rate of 10 percent per year how much did he owe the credit union at the end of the 6 months?
3600x10%=360 360x.5=180 3600+180=3780
What is the interest on a 1750000 deposit at 9.5 percent rate a year?
It depends whether the interest is compound or not. However, if the interest is credited at the end of the first year, you would have 166250 interest at 9.5%
Marl borrowed 200 at 12 percent simple interest for on year If he makes no payments that year. How much interest will he own at the end of the year?
24.00
