Homework Answers
B.1.8%.
monthly rate = APR /12
since there are 12 months in a year
=>21.6%/12
=>1.8%.
Add Answer to:
E. 9 years 7. If an APR is 21.6%, what is the monthly interest rate? A....
Suppose the interest rate is 9% APR with monthly compounding. What is the present value of...
Suppose the interest rate is 9% APR with monthly compounding. What is the present value of an annuity that pays $250 every three months for the next five years closest to? Convert APR to EAR and then use Texas Instruments BA II to solve using: N: I/Y: PV: PMT: FV: The present value of an annuity that pays $250 every three months for the next five years is closest to A) $2280 B) $3985 C) $3990 D) $3995
7. You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% APR compounded monthly. After 5 years the interest rate drops to 4.75% APR compounded month...
7. You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% APR compounded monthly. After 5 years the interest rate drops to 4.75% APR compounded monthly. The bank is charging 2 points to originate the new loan. How many months do you need to stay in the house after the refinance to make the refinance a benefit? (10 Pts) a. 18 months b. 20 months C. 30 months 36 months...
Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years a. What is the monthly...
Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years a. What is the monthly payment? b. What is the amount of the monthly payment that is interest in the 8th month? c. What is the amount of monthly payment that is principle in the 10th month? d. What is the effective interest rate on this loan?
Suppose the interest rate is 8% APR with monthly compounding
Suppose the interest rate is 8% APR with monthly compounding. What is the present value o an annuity that pays $90 every 6 months for 5 years?
Suppose the interest rate is 7.7% APR with monthly compounding. What is the present value of...
Suppose the interest rate is 7.7% APR with monthly compounding. What is the present value of an annuity that pays $110 every six months for five years?
7. The effective annual interest rate is 1 5%. What is the effective interest rate for...
7. The effective annual interest rate is 1 5%. What is the effective interest rate for two years (accumulated over 2 years with interest over interest)? What is the effective interest rate for ten years (accumulated over 10 years with interest over interest)? a. b. c. Assume interest is compounded monthly. What is the monthly interst rate? d. What is the simple annual interest rate? e. What is the simple interest rate for 2 years? For 10 years?
APR is 20%, compounded monthly. What is the semiannual effective interest rate?
APR is 20%, compounded monthly. What is the semiannual effective interest rate?
Suppose the interest rate is 6.8% APR with monthly compounding. What is the present value of...
Suppose the interest rate is 6.8% APR with monthly compounding. What is the present value of an annuity that pays $80 every three months for seven years? (Note: Be careful not to round any intermediate steps less than six decimal places.)
4. If a credit card has an APR of 21.5%, what is the monthly interest rate?
4. If a credit card has an APR of 21.5%, what is the monthly interest rate?
Suppose the interest rate is 9.8 % APR with monthly compounding. What is the present value...
Suppose the interest rate is 9.8 % APR with monthly compounding. What is the present value of an annuity that pays $ 80 every three months for five years? (Note: Be careful not to round any intermediate steps less than six decimal places.) The present value of the annuity is? (Round to the nearest cent.
7. You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% APR compounded monthly. After 5 years the interest rate drops to 4.75% APR compounded monthly. The bank is charging 2 points to originate the new loan. How many months do you need to stay in the house after the refinance to make the refinance a benefit? (10 Pts) a. 18 months b. 20 months C. 30 months 36 months...
7. The effective annual interest rate is 1 5%. What is the effective interest rate for two years (accumulated over 2 years with interest over interest)? What is the effective interest rate for ten years (accumulated over 10 years with interest over interest)? a. b. c. Assume interest is compounded monthly. What is the monthly interst rate? d. What is the simple annual interest rate? e. What is the simple interest rate for 2 years? For 10 years?
4. If a credit card has an APR of 21.5%, what is the monthly interest rate?
Most questions answered within 3 hours.
-
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 57 seconds ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 14 minutes ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 1 hour ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 2 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 2 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 2 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 2 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 2 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 2 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 2 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 2 hours ago -
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 2 hours ago