City Bank charges 1 1/2% interest per month, compounded continuously on the unpaid balance purchases made on this credit card. Compute the effective rate of interest.
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9. City Bank charges 1 1/2% interest per month, compounded continuously on the unpaid balance purchases made on this credit card. Compute the effective rate of interest.
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- Suppose that over a six-year period, $1000 accumulated to $1922 in an investment certificate in which interest was compounded quarterly. Find the nominal rate of interest, compounded quarterly, that was earned. %. The nominal rate was (Type an integer or decimal rounded to two decimal places as needed.)Determine the effective rates of interest for the following nominal rates of interest:a.) 9% compounded annuallyb.) 9% compounded semi-annuallyc.) 9% compounded quarterlyd.) 9% compounded monthlye.) 9% compounded dailyCole’s Home Solutions policy is to charge 2¼% interest each month on unpaid credit balances. What nominal interest is Cole’s charging? What is the effective interest?
- If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?If you borrowed $30,000 at 25% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay? (Please Include Equations used and cashflow diagram)6. If $ 1,000 becomes $ 1,126.49 after 4 years invested at a certain nominal rate of interest compounded semi-annually, determine the effective rate.
- The First National Bank is offering a 3 year certificate of deposit (CD) at 4% interest compounded quarterly; Second National Bank is offering a 3 year CD at 5% interest compounded annually. (Round your answers to two decimal places.) (a) If you were interested in investing $7,000 in one of these CDs, calculate the compound amount (in $) of each offer. (Use Table 11-1.) First National Bank Second National Bank 2$ (b) What is the annual percentage yield of each CD? First National Bank % Second National Bank % (c) If Third National Bank has a 3 year CD at 4.5% interest compounded monthly, use the compound interest formula to calculate the compound amount (in $) of this offer. $8. A farmer bought a tractor costing 25,000 payable in 10 semi-annual payments, each installment payable at the beginning of each period. If the rate of interest is 26% compounded semi-annually, determine the amount of each installment.Maryam wants to accumulate SR150,000 at end of year 12. To do this she will deposit 10 equal annual amounts starting from end of year 1. The bank uses 9% interest compounded annually. What is the magnitude of the annual payments?
- of 1 The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.2% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.)1. A bank charges 1.5% per month on a loan. Find the equivalent nominal rate of interest. 2. A financing company charges 1.5% per month on a loan. Find the equiv alent effective rate of interest. 3. A nominal rate of 12% compounded monthly is equal to an effective rate of interest. 4. Convert 16% compounded semi-annually to equivalent nominal rate which is compounded daily.Economics An automobile loan of $15,000 at a nominal rate of 10% compounded monthly for 36 months requires equal end-of-month payments of $484 01 Complete the table below, as you would expect a bank to calculate the valuas (Hound to the nearest cent) End of Month Interest Payment Repayment of Remaining Loan Principal Balance