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The annual interest rate of Belinda's savings account is 8.6 and simple interest is calculated quarterly What is the periodic interest rate of Belinda's account?
2.15% Apex
What are characteristics of savings account?
A Savings Bank Account is the basic type of bank account where customers can park or save their surplus cash. The money in the account is extremely liquid and can be withdrawn by the customer anytime they want. As a result, the interest rate provided by the banks on such accounts is also very less. In india the savings account interest rate is 4%. Banks may also give you cheque books and ATM/Debit cards to operate your bank account.
What is a balance rate?
A balance rate typically refers to the interest rate applied to the outstanding balance of a loan or credit account, influencing the cost of borrowing. It can also denote the rate at which an investment account grows in value based on the balance held. Understanding balance rates is crucial for managing debt and investments effectively.
What is the journal entry for cash deposited to bank?
The journal entry would be: Bank A/c Dr To Cash A/c
What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
What is the current interest rate offered by Robinhood for their cash management account?
The current interest rate offered by Robinhood for their cash management account is 0.30.
How can I transfer money from my credit card to my checking account?
To transfer money from your credit card to your checking account, you can typically do a balance transfer or a cash advance. A balance transfer involves moving money from your credit card to your checking account, usually with a fee and a promotional interest rate. A cash advance allows you to withdraw cash from your credit card at an ATM or bank, but usually comes with high fees and interest rates. Be sure to check with your credit card issuer for specific instructions and fees.
How do banks calculate penal interest on cash credit account?
They will do it by a certain percentage. This percentage will usually be outlined in the contract that you signed when you opened the account. It may be based on the prime rate in the country.
Do you get the same rate on credit card cash advances as you do on purchases on that card?
It depends on the credit card. Most of the time, cash advances are subject to a higher interest rate than purchases. Credit card interest rates are higher on cash advances. Check your card for specific details.
What is the average rate of interest on Debenhams credit cards?
"It appears that the average, standard rate of interest on a debenhams credit card for a current account in good standing is 13.57%. The rate increases dramatically if you account enters default, however."
What is the average interest rate for a business cash advance if you have good credit?
The interest rate for a business cash advance varies depending mostly on your income. Payment history and credit are less important than the income. Although, the average interest rate for a business cash advance is going to be the prime rate PLUS 15.99%. A respectable rate today hovers around 4.5%. You may be able to negotiate a lower rate depending on your credit history.
What is the interest rate on a Union Plus credit card?
The interest rate on a Union Plus credit card, which is issued by HSBC, isn't disclosed until an application is submitted, but can be as high as 23.4%. The interest rate on cash advances is also as high as 23.99% with this credit card.
Do you have to pay interest on a Cash Advance?
If you take a cash advance from a credit card you do have to pay interest. It is usually a higher interest rate than your card normally charges for purchases.
What is the cash advance APR for this credit card?
The cash advance APR for this credit card is the interest rate charged when you borrow cash using your credit card, typically higher than the regular purchase APR.
What is the definition of a cash advance on a credit card?
A cash advance is when you borrow cash against your credit card. When you borrow cash you will usually pay a much higher interest rate than you would for purchases.
Are cash advance loans a good idea for someone with bad credit?
No the interest rate is to high.
What is transation a fee on a credit card?
It is a fee for withdrawing cash. Credit cards are meant to be used on products, not cash, so most charge a fee and a higher interest rate if you withdraw cash on them.
