Question
I need only answers within one and half hour. (1) Republic Finance offers money at 0.66% per month compounded monthly. What is the nominal interest
I need only answers within one and half hour.
(1) Republic Finance offers money at 0.66% per month compounded monthly. What is the nominal interest rate? Express your answer as a percentage between 0 and 100.
(2) Republic Finance offers money at 0.66% per month compounded monthly. What is the nominal interest rate? Express your answer as a percentage between 0 and 100.
(3) "You have $15,100 in a savings account that has been paying 5.8% interest, compounded weekly. If you made one deposit when you opened the account exactly 7 years ago and made no other deposits after that, how much did you initially deposit in the account? Assume 52 weeks per year."
(4) "A series of equal quarterly payments of $2,400 extend over a period of 7 years. What is the present worth of this quarterly payment series at 6.95% interest compounded continuously?"
(5) "Suzan is considering buying a home for $297,000. If she makes a down payment of $65,000 and takes out a mortgage on the rest of the money at 7.62% compounded monthly, what will be her monthly payment to retire the mortgage in 17 years?"
(6) "Ms. Manifee would like to purchase a new condo for $93,000. She plans to make a down payment of $52,000 and to borrow the rest of the money from the bank. The bank charges an annual percentage rate of 5% compounded daily. She agrees to monthly payments to pay off the loan in 19 years. Assume Ms. Manifee has made 22 payments and would like to pay off the balance immediately after the 22th payment. How much does she need to pay off the remaining balance on her loan?"
(7) "You receive a loan for $5,020 where the APR is 5.3%, compounded monthly. You make a payment of $389.92 on this loan every 6 months (i.e., 2 payments per year), which will enable you pay off the loan in eactly 8 years. Immediately after making your regular payment at the end of 2 years, you desire to pay the remainder of the loan in a single payment. Compute the amount you must pay for the remainder of the loan."
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