What's the present value of $3,000 discounted back 5 years if the appropriate interest rate is 9%, compounded semiannually?

Select the correct answer.

a. $1,911.08

b. $1,938.68

c. $1,924.88

d. $1,917.98

e. $1,931.78

American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 22.50%, with interest paid monthly, what is the card's EFF%?

Select the correct answer.

a. 22.37%

b. 26.27%

c. 24.97%

d. 21.07%

e. 23.67%

Billy Thornton borrowed $220,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Billy have to pay in a 30-day month?

Select the correct answer.

a. $1,324.97

b. $1,331.27

c. $1,333.37

d. $1,327.07

e. $1,329.17