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Question4 1 pts A credit union pays 3.99% nominal interest on its savings accounts. If the...
7) If a credit union pays 1.25% nominal interest compounded quarterly, what is the effective annual...
7) If a credit union pays 1.25% nominal interest compounded quarterly, what is the effective annual interest rate? a) 1.256% b) 2.142% c) 6,000% d) 8.775%
A student puts $10,000 in a savings account that pays 16% annual interest, compounded semi-annually and...
A student puts $10,000 in a savings account that pays 16% annual interest, compounded semi-annually and quarterly. Round to the nearest cents. a) How much money will the student have at the end of 5 years? Ending Value: $ b) How much interest will the student have earned in 5 years? Interest Earned: $ c)What is the effective yield (APY)? APY: %, (written as percent, round to the two decimal place as needed)
4) Townville Bank offers a savings account that pays 3.25% annual interest compounded monthly. a) What...
4) Townville Bank offers a savings account that pays 3.25% annual interest compounded monthly. a) What is the yield (APY) on this account? Round to the nearest hundredth of a percent. [5 pt] b) If Amy makes a deposit of $15,000 into this account, how much will be in her account after 8 years? [8 pt]
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the...
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the APR for this credit card? (b) What is the APY? Assume 360 days in a year (twelve 30-day months). 2. A local credit union is advertising a car loan with an APR of 6.75%. If interest is compounded monthly, (a) what is the interest rate per compounding period, and (b) what is the effective annual interest rate (i.e., the APY)? 3. Your local credit...
A bank advertises it pays 4% annual interest, com pounded daily, on savings accounts, provided the...
A bank advertises it pays 4% annual interest, com pounded daily, on savings accounts, provided the money is left in the account for 5 years. What is the effective annual interest rate?
3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year....
3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year. (a) How long does it take for the account to reach $42,500, if interest compounds quarterly? O 14 years O 16 yeans D Question 2 3 pts (b) What nominal annual interest would be required for the account to reach $30,000 in 10 years, if interest compounds monthly? 8.5%/year 92%/year
interest is compounded 10.000 times per yea Suppose a savings and loan pays a nominal role...
interest is compounded 10.000 times per yea Suppose a savings and loan pays a nominal role of 3% on savings deposits. Find the effective annual The effective annual yield is Type an integer or a decimal rounded to the nearest thousandth as needed) Complete the first two months of an amortization schedule for the fixed-rate mortgage Mortgage: Interest rate: Term of loan: $118,250 3.75% 17 years Complete the first two payments of the amortization schedule below. (Do not round until...
You are making $500 monthly deposits into a savings account that pays interest at a nominal...
You are making $500 monthly deposits into a savings account that pays interest at a nominal rate of 6% per year, compounded monthly. What is the future equivalent value of this account after six years? The future equivalent value of this account after six years is $0 (Round to the nearest dollar.)
TOPC. X51) If an investor buys a 39-week T-bill with a maturity value of $25,000 for...
TOPC. X51) If an investor buys a 39-week T-bill with a maturity value of $25,000 for $23,543 what annual interest rate (annual yield) will the investor earn? (Express your answer as a percentage, correct to one decimal place.) *52) An investment company pays 7% compounded quarterly. What is the effective rate? (Compute the answer to two decimal places). 53) How much should you invest now at 6% compounded semiannually to have $8,500 to bu a car in 2.5 years? ve...
iz Instructions Question1 3 pts $12,000 is deposited in a bank account that pays 8% nominal...
iz Instructions Question1 3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year. (a) How long does it take for the account to reach $42,500, if interest compounds quarterly? 13 years 14 years D 15 years O 16 years Question 2 3 pts (b) What nominal annual interest would be required for the account to reach $30,000 in 10 years, if interest compounds monthly? 8.5%/year 8.8%/year O 92%1year 98%/year ouiz saved at 9.58am Submit...
7) If a credit union pays 1.25% nominal interest compounded quarterly, what is the effective annual interest rate? a) 1.256% b) 2.142% c) 6,000% d) 8.775%
3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year. (a) How long does it take for the account to reach $42,500, if interest compounds quarterly? O 14 years O 16 yeans D Question 2 3 pts (b) What nominal annual interest would be required for the account to reach $30,000 in 10 years, if interest compounds monthly? 8.5%/year 92%/year
interest is compounded 10.000 times per yea Suppose a savings and loan pays a nominal role of 3% on savings deposits. Find the effective annual The effective annual yield is Type an integer or a decimal rounded to the nearest thousandth as needed) Complete the first two months of an amortization schedule for the fixed-rate mortgage Mortgage: Interest rate: Term of loan: $118,250 3.75% 17 years Complete the first two payments of the amortization schedule below. (Do not round until...
You are making $500 monthly deposits into a savings account that pays interest at a nominal rate of 6% per year, compounded monthly. What is the future equivalent value of this account after six years? The future equivalent value of this account after six years is $0 (Round to the nearest dollar.)
TOPC. X51) If an investor buys a 39-week T-bill with a maturity value of $25,000 for $23,543 what annual interest rate (annual yield) will the investor earn? (Express your answer as a percentage, correct to one decimal place.) *52) An investment company pays 7% compounded quarterly. What is the effective rate? (Compute the answer to two decimal places). 53) How much should you invest now at 6% compounded semiannually to have $8,500 to bu a car in 2.5 years? ve...
iz Instructions Question1 3 pts $12,000 is deposited in a bank account that pays 8% nominal interest per year. (a) How long does it take for the account to reach $42,500, if interest compounds quarterly? 13 years 14 years D 15 years O 16 years Question 2 3 pts (b) What nominal annual interest would be required for the account to reach $30,000 in 10 years, if interest compounds monthly? 8.5%/year 8.8%/year O 92%1year 98%/year ouiz saved at 9.58am Submit...
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