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please help! thank you in advance ! Suppose Community Bank offers to lend you $9,000 for one year at a nominal annual rate of 15.75%,
please help! thank you in advance ! Suppose Community Bank offers to lend you $9,000 for one year at a nominal annual rate of 15.75%, but you must make interest payments at the end of each quarter and then pay off the $9,000 principal amount at the end of the year. What is the effective annual rate on the loan? a. 16.94% b. 15.75% c. 16.37% d. 16.70% e. 16.59% Grossnickle Corporation issued 25 -year, noncallable, 7.1% annual coupon bonds at their par value of $1,000 one year ago. Today, the market interest rate on these bonds is 5.0%. What is the current price of the bonds, given that they now have 24 years to maturity? a. $1,289.77 b. $1,338,76 c. $1,346.01 d. 51,301,88 e. $1.295.97 You want to quit your job and go back to school for a law degree 4 years from now, and you plan to save $5,200 per year, beginning immediately. You will make 4 deposits in an account that pays 5.5% interest. Under these assumptions, how much will you have 4 years from today? a. $21,944.00 b. $22.579.79 c. $17,379.79 d. $29,021.67 e. $23,821.67
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