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9. Suppose you have savings of $1.000 in a bank account that pays monthly compound interest of 1%. You expect to withdraw $25 per month
9. Suppose you have savings of $1.000 in a bank account that pays monthly compound interest of 1%. You expect to withdraw $25 per month for 50 months from your account, with the first withdrawal starting a month from now. If there are no other deposits or withdrawals, is there any money left in your account after your 50 withdrawal? If so, how much is there? If not, how much have you overdrawn your account? A $17 is left in the account B. $17 has been overdrawn C. $33 is left in the account D. $33 has been overdrawn 10. What is the EFF% of 26.4% APR with monthly compounding? (Round to the nearest 0.01%) A. 25.91% B. 26.99% C. 27.38% D. 29.84% E. 30.08% 11. Consider a 3-year loan of $2,000 that needs to be paid off with 3 equal end-of-year payments. Annual interest is 8%. You are expected to prepare the amortization schedule for this loan by filling out the table below. End of Year 1 End of Year 2 End of Year 3 Payment Interest due Beginning N/A N/A N/A $2,000 Principal Reduction Loan Balance X What is the correct amount for X in the table, i.e., what is the ending balance on the loan after 1 year? Round your calculation results to the nearest $1. A. $160 B. $1224 C. $1384 D. $1395
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