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How much principle did hank pay during the twelve months

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Question 1: Payday loans are very short-term loans that charge very high interest rates. You can borrow $200 today and repay $225 in two weeks. What is the compound annual rate implied by this 12.5 percent rate charged for only two weeks?

Question 2: Mrs. Simpson is saving for her retirement. If she makes a payment of $1,000 at the end of each month for 15 years and earns a rate of 5.25% compounded 12 times per year, how much will she have in her retirement account when she is ready to retire?

Question 3: What is the present value of a $1,200 payment made every year forever when interest rates are 4.5 percent?

Question 4: A loan is offered with monthly payments and a 15.5 percent APR. What is the loan's effective annual rate (EAR)?

Question 5: Hank purchased a $28,000 car two years ago using an 8 percent, 5-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What is the minimum price Hank would need to receive for his car?

Question 6: How much principle did Hank pay during the 12 months he had his car?

Reference no: EM132506084

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