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Question 4: (5 points) Fill in the blank: 1. The amount of interest earned on $2050 for 6 years at 10.25% simple interest per year
Question 4: (5 points) Fill in the blank: 1. The amount of interest earned on $2050 for 6 years at 10.25% simple interest per year is ............ 2. The amount of interest earned on $2050 for 6 years at 10.25% compounded annually is ........... 3. The effective interest rate per year for a nominal interest rate of 16% per year compounded every 6 months is ......... 4. The required monthly payment to repay a loan of $48,000 in five years if the interest rate is 9.75% compounded continuously is .... 5. Every year you deposit $2,000 into an account that earns 2% interest rate per year, the balance of the account immediately after 30th deposit will be
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