If an account has an APR of 3%, compounded monthly, what is the APY? Give your...
If an account has an APR of 3%, compounded monthly, what is the APY? Give your answer as a percentage (but leave out the % symbol) and round to 2 decimal places.
Suppose you put $1200 in a savings account at an APR of 5% compounded quarterly. How much interest was earned after 4 years? Round to the nearest cent and leave off the $ symbol.
Homework Answers
1). APR = 3% compounded monthly
APY = (1+APR/n)^n - 1 = (1+0.03/12)^12 - 1 = 3.04%
2). PV = $1200
APR = 5% compounded quarterly
value after 4 years = PV*(1+r/n)^(n*t) = 1200*(1+0.05/4)^(4*4) = $1463.87
So interest earned = 1463.87 - 1200 = $263.87
Add Answer to:
If an account has an APR of 3%, compounded monthly, what is the
APY? Give your...
Suppose that you invest $400 in a bank account that has APR of 6% and it...
Suppose that you invest $400 in a bank account that has APR of 6% and it is compounded monthly (12 times a year) If we use the formula F=P*(1 + r), What is the value for "r"? Round all money answers to the nearest cent. If you invest $400 in this account, how much money will you have after 1 month? How much money will you have in your account after 1 year? What is the amount of interest we...
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]
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)
can someone please help me QUESTION 2 Find the annual percentage yield (APY) of an account...
can
someone please help me
QUESTION 2 Find the annual percentage yield (APY) of an account with an APR of 5.6% compounded monthly. Round to two decimal places. QUESTION 3 Find the savings plan balance after 5 years with an APR of 8.8% and monthly payments of $572. QUESTION 4 You intend to create a college fund for your baby. If you can get an APR of 7% and want the fund to have a value of $158,962 after 16...
5. Suppose a CD (Certificate of Deposit) advertised an APR of 8%. Assuming the APR was...
5. Suppose a CD (Certificate of Deposit) advertised an APR of 8%. Assuming the APR was the result of monthly compounding, find the effective annual yield to the nearest tenth of a percent. 8. The going rate for a home mortgage with a term of 30 years is 3.8%. The lending agency says that based on your income, your monthly payment could be $900. How much can you borrow? 9. Suppose you invest $5,000 in a savings account that pays...
A current value of $50,000 is held in an account earning 12% APR. Equal payments are...
A current value of $50,000 is held in an account earning 12% APR. Equal payments are to be paid out quarterly until the account is depleted after 8 years. How much would the equal quarterly payments be under each of the following interest compounding scenarios? (Hint: first find the effective interest for each scenario to the nearest 10,000th of a percent. Then, find the value of the equal payments to the nearest $0.01.) A. 12% APR Compounded Quarterly (4 quarters...
6. For each problem, fill in the formula, label your answer, and round it to two...
6. For each problem, fill in the formula, label your answer, and round it to two decimal places. a) Find the amount in a savings plan after 3 years with an APR of 3% and monthly deposits of $100. b) Calculate the monthly payment for a student loan of $25,000 at a fixed APR of 6% if it is to be paid off in 10 years. c) Your goal is to create a college fund for your child. Suppose you...
You have just taken out a $26,000 car loan with a 5% APR, compounded monthly. The...
You have just taken out a $26,000 car loan with a 5% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places) When you make your first payment will go toward the principal of the loan and will...
You have just taken out a $18,000 car loan with a 5% APR, compounded monthly. The...
You have just taken out a $18,000 car loan with a 5% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment will go toward the principal of the loan and will...
You have just taken out a $22,000 car loan with a 8% APR, compounded monthly. The...
You have just taken out a $22,000 car loan with a 8% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment, $ will go toward the principal of the loan and...
Suppose that you invest $400 in a bank account that has APR of 6% and it is compounded monthly (12 times a year) If we use the formula F=P*(1 + r), What is the value for "r"? Round all money answers to the nearest cent. If you invest $400 in this account, how much money will you have after 1 month? How much money will you have in your account after 1 year? What is the amount of interest we...
can
someone please help me
QUESTION 2 Find the annual percentage yield (APY) of an account with an APR of 5.6% compounded monthly. Round to two decimal places. QUESTION 3 Find the savings plan balance after 5 years with an APR of 8.8% and monthly payments of $572. QUESTION 4 You intend to create a college fund for your baby. If you can get an APR of 7% and want the fund to have a value of $158,962 after 16...
5. Suppose a CD (Certificate of Deposit) advertised an APR of 8%. Assuming the APR was the result of monthly compounding, find the effective annual yield to the nearest tenth of a percent. 8. The going rate for a home mortgage with a term of 30 years is 3.8%. The lending agency says that based on your income, your monthly payment could be $900. How much can you borrow? 9. Suppose you invest $5,000 in a savings account that pays...
6. For each problem, fill in the formula, label your answer, and round it to two decimal places. a) Find the amount in a savings plan after 3 years with an APR of 3% and monthly deposits of $100. b) Calculate the monthly payment for a student loan of $25,000 at a fixed APR of 6% if it is to be paid off in 10 years. c) Your goal is to create a college fund for your child. Suppose you...
You have just taken out a $26,000 car loan with a 5% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places) When you make your first payment will go toward the principal of the loan and will...
You have just taken out a $18,000 car loan with a 5% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment will go toward the principal of the loan and will...
You have just taken out a $22,000 car loan with a 8% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment, $ will go toward the principal of the loan and...
Most questions answered within 3 hours.
-
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 24 minutes ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 13 minutes ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 20 minutes ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 29 minutes ago -
Why would your heart not function well if constructed of
skeletal muscle? What is the particular...
asked 32 minutes ago -
Please respond to this essay question in full essay form for
Chemistry 1102 Organic and Biochemistry:...
asked 33 minutes ago -
Determine the head loss and velocity of flow in a water supply main
of 15.0 cm...
asked 35 minutes ago -
A marketing executive who knowingly authorizes a shoddy
defective product to be brought to market is...
asked 44 minutes ago -
Write a psudocode:
1. Define a function called authorize that takes in 2 strings,
uName, and...
asked 48 minutes ago -
What Hall voltage (in mV) is produced by a 0.180 T field applied
across a 2.60...
asked 47 minutes ago -
What mass of ethylene glycol (C2H6O2) must be added to 211.0 g
of water to obtain...
asked 50 minutes ago -
Mary's employer has a defined benefits retirement plan, which
pay 3.2% of her last year's salary...
asked 53 minutes ago