1. a loan stated annual rate of 12.91%. If loan payments are made monthly and interest is compounded monthly what is the effective annual rate of interest?
2. you invest $2641 at the beginning of every year and your friend invest $2641 at the end of every year. If you both are in an annual rate of return of 13.75% how much more money will you have after 24 years?
3. you currently have $1090 in a retirement savings account that earns an annual rate of 8.9%. Do you want to retire in 39 years with $1,000,000. How much more do you need to save at the end of every year to reach a retirement goal?
4. you currently owe $3741 of your credit card that charges an annual interest rate of 18.54%. You make $172 of new charges every month and make a payment of $214 every month what will the credit balance be in three months?
5. You would like to retire in 22 years. The expected rate of inflation is 1.69% per year. You currently have a standard of living that requires $7977 of monthly expenses. Assuming you want to maintain the same standard of living in retirement, what are your monthly expenses expected to be the first year of retirement?
6. you purchase a house for 109,745$ . You made a down payment of $20,000 and the remainder of the purchase price was finance with the mortgage loan. The mortgage loan is a 30 year mortgage with the annual interest rate of 6.45%. Mortgage payments are made monthly. What is the monthly amount of your mortgage payment?
7. A 1000 par value bond that pays interest annually just paid $98 in interest. What is the coupon rate?