Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assignment math :'(:'( 1. Find the equated date at which two payments of $6000 due four months ago and $400 due today could be settled

Assignment math :'(:'(

1. Find the equated date at which two payments of $6000 due four months ago and $400 due today could be settled by a payment of $1100, if interest is 7.25%compounded semiannually.

2. Compute the effective annual rate of interest

A) For 6% compound annually

b) At which $1100 will grow to $2000 in seven years if compounded quarterly?

3. Kaye deposited $6000 into saving account today. For how long can $730 be withdrawn from account at the end of every three months from now if the interest is 3.9% compounded quarterly?

4. Compute the nominal annual rate of interest compounded monthly at which $400 paid at the end of the month for eight years accumulates to $45000

5. What nominal annual rate of interest was charged on a loan of $5600 repaid in end-of monthinstallmentsof $121.85 in four and a half years?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Continuous Pseudometrics

Authors: W W Comfort ,S Negrepontis

1st Edition

0824762940, 978-0824762940

More Books

Students also viewed these Mathematics questions