1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Leokris [45]
2 years ago
6

Monty currently has a Visa card from his bank with the following terms: 18% on purchases, 24% on cash advances with a 4% cash ad

vance fee on the amount, and a default or penalty rate of 36%. His current statement shows a balance of $6,000. So far he has only taken one cash advance, withdrawing $1,000 from a casino in Las Vegas a year ago, which he has already paid off. Lately he has been having a hard time paying more than the minimum payment of 4% of his balance. The only assets he owns are a seven-year-old car and a $2,500 certificate of deposit that has a 5% APR. What is the APY on Monty's default or penalty rate
Business
1 answer:
PilotLPTM [1.2K]2 years ago
3 0

The annual percentage yield on Monty's default or penalty rate equals to 42.58%.

<h3>What is the meaning of APY?</h3>

APY is an acronym for Annual percentage yield.

The percentage yield referred to the real rate of return that is earned on an investment after taking into account the effect of compounding interest.

Given that the Visa card has an original default or penalty rate of 36%, the annual percentage yield on Monty's default or penalty rate equals to 42.58%.

Read more about annual percentage yield

<em>brainly.com/question/13012002</em>

#SPJ1

You might be interested in
The production of methamphetamine (meth) is a social problem in the Midwest. Iowa is considering two potential programs: Operati
Rina8888 [55]

Answer:

The answer is: C) Operation Methbust would reduce the supply of meth; Operation Say No would reduce the demand for meth.

Explanation:

Operation Methbust is about reducing the number of suppliers of methamphetamines by destroying meth labs and arresting those responsible. While Operation Say No to Meth is about reducing the demand of meth by educating possible consumers about the risks of using meth.

3 0
3 years ago
Read 2 more answers
In what IT pathway would you most likely need to be familiar with the system development life cycle?
stealth61 [152]
Hello
the answer is b
have a nice day
8 0
4 years ago
Read 2 more answers
What are the advancements made in the automotive industry in 2020
Nata [24]

Answer:

Autonomous Vehicles (AV)

Connectivity

Electrification

Shared Mobility

Artificial Intelligence (AI)

Big Data & Data Analytics

Human-Machine Interface

Blockchain

Explanation:

6 0
3 years ago
Read 2 more answers
Haver Company currently produces component RX5 for its sole product. The current cost per unit to manufacture the required 61,00
DanielleElmas [232]

Answer:

It is more convenient to produce in house.

Explanation:

Giving the following information:

Direct materials $ 4.00

Direct labor 8.00

Overhead 9.00

Total costs per unit $ 21.00

Direct materials and direct labor are 100% variable. The overhead is 80% fixed. An outside supplier has offered to supply the 61,000 units of RX5 for $19.00 per unit.

The fixed costs are unavoidable, therefore we will concentrate the analysis in the variable costs.

Make in house:

Unitary cost= 4 + 8 + (9*0.20)= $13.8

Buy= 19

Difference= 19 - 13.8= 5.2

It is more convenient to produce in house.

7 0
4 years ago
We are taught that cleanliness is a vital part of daily life, that antibacterial soaps, cleaning products that completely elimin
Alexxandr [17]
The appropriate response is human microbiomes. The microbiome is characterized as the aggregate genomes of the organisms that live inside and on the human body. We have around 10 fold the number of microbial cells as human cells. 
The human microbiota comprises of the 10-100 trillion harmonious microbial cells harbored by every individual, principally microorganisms in the gut; the human microbiome comprises of the qualities these cells harbor
4 0
4 years ago
Other questions:
  • Those who died without a valid will are said to have died testate.<br><br> True or False
    7·2 answers
  • Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies fo
    15·1 answer
  • QUESTION 7
    11·1 answer
  • Briefly explain whether you agree or disagree with the following​ statement: ​"Assets are things of value that people own. Liabi
    9·1 answer
  • Quake Inc., a software giant, outsources its customer relationship management amenity to Zeins Inc. The contract between the two
    5·1 answer
  • Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportati
    7·2 answers
  • To create a successful advertising campaign on facebook, a good strategy a brand manager can use is to
    5·1 answer
  • All of the following are ways to avoid injuries when working on computers except ________. so you are looking up at it ensuring
    5·1 answer
  • Joey moved from NY to NV because he was transferred by his employer, Big Casinos Inc. His employer reimbursed his moving expense
    12·1 answer
  • Select the appropriate response
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!