Bill wants to buy a new car in three years from now. He expects that the price of a car will be $15 000 in three years. How much money should Bill put in his savings account now if a bank pays 5% interest rate on this account? $14 286 $12 958 $13 465 $12 104 $11 629 It is known float the total interest paid over a 5-year period is $2 081.13. What was the principal amount borrowed at a 6% nominal interest rate compounded quarterly? S5 000 $3 000 $7 000 S4 000 $6 000 Your credit card statement says that your card charges 0.0562% interest per day. What is the actual interest rate per year? 20.1% 14.5% 22.8% 11.6% 18.3% How many compounding periods are needed to obtain an effective interest rate of 25% if tire interest rate per sub- compounding period is 1.88%? 12 9 10 13 11 Calculate tire depreciation rate of a vehicle if it was bought 5 years ago for $25 000 and can be sold now for $8 200. 20% 68% 80% 32% 48%