Look online to find an interest rates for each of the following: a) Credit Card What...

Look online to find an interest rates for each of the following:

a) Credit Card

What is the rate charged for overdue monthly balances? Clearly state your answer.

b) Car Company (for financing a new car)

Include your sources (links) AND a screencapture of where on the page you found the information.

Solutions

Expert Solution

a) Credit card interest rates depend on the banks' policy and is also affected by other factors such as amount owed, length of credit history etc. The monthly rate varies between 2 to 3.5 %p.m. Here is a screenshot of few banks' credit interest rate.

Source: paisabazzar.com

b) The banks have certain eligibility criteria for financing cars such as minimum age of client, annual salary. They also ask for identity proof and residential proof, The car loan interest rate can 9-10% p.a. Here is a list:

Source: paisabazzar.com

Colby Messinger answered 1 year ago

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