Question
You have your choice of two investment accounts. Investment A is a 10-year annuity that features end-of-month $2,480 payments and has an APR of 7
You have your choice of two investment accounts. Investment A is a 10-year annuity that features end-of-month $2,480 payments and has an APR of 7 percent compounded monthly. Investment B is an annually compounded lump-sum investment with an APR of 9 percent, also good for 10 years. How much money would you need to invest in B today for it to be worth as much as Investment A 10 years from now?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.
You have arranged for a loan on your new car that will require the first payment today. The loan is for $41,000, and the monthly payments are $715. If the loan will be paid off over the next 74 months, what is the APR of the loan?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.
Need calculate process
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