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Can someone show me how to solve these in ti 84 calculator or by hand. Please help APTER 3 Understanding Money Management at 0.95% pr

image text in transcribedCan someone show me how to solve these in ti 84 calculator or by hand. Please help
image text in transcribed
image text in transcribed
APTER 3 Understanding Money Management at 0.95% pr 3.2 A department store has offered you a credit card that charges interest at Be) month compounded monthly what is the nominal interest (annual percen for this credit card? What is the effective annual interest rate? A California bank, Berkeley Savings and Loan, advertised the followin tion: interest 7.55% and effective annual yield 7.842%. No mention is mu e scheme interest period in the advertisement. Can you figure out the compounding sf used by the bank? 3.4 American Eagle Financial Sources, which makes small loans to college the offers to lend a student $400. The borrower is required to pay $26.61 at each week for 16 weeks. Find the interest rate per week. What is the nominal est rate per year? What is the effective interest rate per year? must repay you must 3.5 A financial institution is willing to lend you $1,000. However, you mus $1,080 at the end of one week (a) What is the nominal interest rate? (b) What is the effective annual interest rate? 3.6 A loan of $15,000 is to be financed to assist a person's college education. on. Based Based th equal paymen upon monthly compounding for 36 months, the end-of-the-month equal is quoted as $493.93. What nominal interest rate is being charged? for in 36 nominal interest rate are you paying on this 3.7) You are purchasing a $16,000 used automobile, which is to be paid for i monthly installments of $517.78. What financing arrangement? You obtained a loan of $20,000 to finance your home improvement project. Base on monthly compounding over 24 months, the end-of-the-month was figured to be $922.90. What is the APR used for this loan? 3.8 equal paymen Calculating an Effective Interest Rate Based on a Payment Period James Hogan is purchasing a $24,000 automobile, which is to be paid for in 48 monthly installments of $583.66. What is the effective annual interest rate for this financing arrangement? 3.9 3.10 Find the effective interest rate per payment period for an interest rate of 9% con- pounded monthly for each of the given payment schedule: (a) monthly (b) quarterly (c) semiannual (d) annual 3.11 What is the effective interest rate per quarter if the interest rate is 6% compounded monthly? 3.12 what is the effective interest rate per month if the interest rate is 6% compounded continuously? Equivalence Calculations Using Effective Interest Rates 3.13 What will be the amount accumulated by each of the given present investments? (a) $4,500 in 10 years at 9% compounded semiannually

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