What is the current yearly interest rate for a month for the rate of 0.6?
The current yearly rate comes out to be 7.2 percent.
If the monthly interest rate is 0.6%, you can multiply that by 12 to get an approximation of the yearly rate. For an exact calculation (involving compound interest), you basically convert the interest rate (0.6% a month) to a factor - that is, your total money increases by a factor of 1.006 (i.e., 1 + 6%) a month. You can raise this to the power 12 to convert it to yearly, then subtract one to…
What is the daily interest rate if the annual interest rate is 16.75 percent based on 365 days in the year?
The SmartLine Platinum MasterCard has a 5.99% interest rate for the first three year but the Aspire Cash MasterCard has a 16.8% interest rate with cash-back bonuses every month. The CIBC Aerogold Visa has a set and fixed 19.99% interest rate but offer monthly cash-back bonuses, travel insurance and yearly bonus miles.
It depends. YTM is calculated in the same way as IRR. You take all future cash flows and discout it by x% and equate to current market price. Then you solve for x% and what you get will be YTM. So if current price of bond is calculated by current market rate of interest than YTM=Current Market Rate of Interest. How ever bond price not always is equal to that price. Very often current yield(coupon/current…
No one advertises an interest rate based on the total interest paid because almost all loans are calculated using a yearly simple interest rate. Your payment is then computed based on paying the loan off on a monthly basis. You can prove this to yourself by dividing the average interest paid by the average balance over a 12-month period. The longer you take to pay a loan off, the greater the total interest you pay…
$73053.88 when compounded month your yearly rate would be 0.061678% * * * * * True, but in real life the quoted interest rate, "6 percent compounded monthly", should read "an interest rate, such that, if it were compounded monthly, would give an annual equivalent rate of 6 percent". The equivalent of 6% annual is 0.487% monthly since 1.0048712 = 1.06
I = prt <-- formula for simple interest, but the rate must be the monthly rate for your problem. Per month means one month (time, t) 4% = 0.04 is an anual interest rate .... monthly rate (r) = 0.04/12 so... I = 40,000 x 0.04/12 x 1 --- multiply and divide to get the answer. Another way: find anual interest, then divide by 12 for monthly interest.
Difference enters bond's coupon interest rate the current yield y bond-holder's required rate of return?
If during a given month your average daily credit card balance is 800 and your interest rate is 17 percent how much interest do you owe on your credit card for that month?
"HSBC offers two types of MasterCard, the Premier MasterCard and the Advance MasterCard. Interest rates for each of these are based on the current going rate. At present, the interest rate for the Premier MasterCard is 12.9%. The current interest rate for the Advance MasterCard is 17.9%. For both types of cards, the interest rate will increase by 5% if the minimum monthly payment is not made by the due date."