What is the annual percentage rate (apr) on a credit card? a. the expected return on the credit card company's investments b. the percentage of a person's income they can spend each year c. the amount of interest charged on unpaid balances d. the credit card's maximum spending limit
2b2t

In a fixed-term, level-payment reverse mortgage, sometimes called a reverse annuity mortgage, or ram, a lender agrees to pay the homeowner a monthly payment, or annuity, and expects to be repaid from the homeowner’s equity when he or she sells the home or obtains other financing to pay off the ram. consider a household that owns a $150,000 home free and clear of mortgage debt. the ram lender agrees to a $100,000 ram for 10 years at 6 percent. assume payments are made annually, at the beginning of each year to the homeowner. calculate the annual payment on the ram.