I just applied for a credit card from Lowe’s (“hardware stores – only things you need,...

I just applied for a credit card from Lowe’s (“hardware stores – only things you need, nothing you want.”) and the APR is 24.99% with monthly payments (I am not kidding).

What is the EAR on this credit card?

1. If you have a balance of $7,500 and make minimum payments of $350 a month, how many months until this card is paid off?
Bond Gold has a coupon rate of 4.3 percent. Bond Griff has a coupon rate of 14.3 percent. Both bonds have eleven years to maturity, make semiannual payments, a par value of $1,000, and have a YTM of 9.6 percent.
1. If interest rates suddenly rise by 3 percent, what is the percentage price change of these bonds?
1. Which bond is more sensitive to the interest rate change (has a larger price change for the given interest rate change).

Expert Solution

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jeff jeffy answered 1 year ago

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