EAR = [(1 +stated rate/no. of compounding periods) ^no. of compounding periods - 1]* 100 |
? = ((1+6/(4*100))^4-1)*100 |
Effective Annual Rate% = 6.14 |
Jim Ryan deposited $8,000 at National Bank at 6% interest compounded quarterly. What was the effective...
Marit Brunsell deposited $50,000 at Bank of America at 16% interest compounded quarterly. What is the effective rate (APY)? (Do not round intermediate calculations. Round your answer to the nearest hundredth percent.) Effective rate
Marit Brunsell deposited $65,000 at Bank of America at 8% interest compounded quarterly. What is the effective rate (APY)? (Do not round intermediate calculations. Round your answer to the nearest hundredth percent.)
Marit Brunsell deposited $50,000 at Bank of America at 20% interest compounded quarterly. What is the effective rate (APY)? (Do not round intermediate calculations. Round your answer to the nearest hundredth percent.) tective rate s
John Riviera deposits $14,000 in National Bank at 8% compounded quarterly. What is the effective rate (APY) of interest? (round answer to the nearest hundredth)
Ed Sullivan deposited $14,000 at Roll Bank at 8% interest compounded semiannually. What was the effective rate (APY)? Round to nearest hundredth percent.
First National Bank pays 6.1% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly. a. Calculate the effective annual rate for each bank. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) b. Which bank offers the higher effective annual rate?
Find effective rate (APY). (Round your answer to the nearest hundredth percent.) $5,000 Interest rate 10% Compounded Semiannually Effective rate (APY)
You just deposited $8,000 in a bank account that pays a 4.0% nominal interest rate, compounded quarterly. If you also add another $5,000 to the account one year (4 quarters) from now and another $7,500 to the account two years (8 quarters) from now, how much will be in the account three years (12 quarters) from now? a. $20,232.41 b. $23,789.75 c. $19,565.40 d. $26,457.76 e. $22,233.41
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]
2) Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9 %. The date of the loan was October 10. Marcia hoped to repay the loan by February 10. Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? 3) Mike French borrowed $9,000 at 9% for 85 days. Calculate Mike's proceeds from this simple discount...