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Erindale Bank offers you a $45,000, five-year term loan at 7.5% annual interest. What will your annual loan payment be? (Do not round intermediate calculations.
Erindale Bank offers you a $45,000, five-year term loan at 7.5% annual interest. What will your annual loan payment be? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual loan payment $ Vanscoy Bank pays 7.9% simple interest on its investment accounts. If Vade Bank pays interest on its accounts compounded annually, what rate should the bank set if it wants to match Vanscoy Bank over an investment horizon of ten years? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Interest rate %
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