How much will have in the account in years

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Problem 1: Calculating EAR

First National Bank charges 14.3 percent compounded monthly on its business loans. First United Bank charges 14.7 percent compounded semiannually. As a potential borrower, which bank would you go to for a new loan?

Problem 2: Calculating Future Values

Streamsong Credit Bank is offering 4.7 percent compounded daily on its savings accounts. If you deposit $4,750 today, how much will you have in the account in years? In 10 years? In 20 years?

Problem 3: Calculating Loan Payments

You want to buy a new sports coupe for $78,500, and the finance office at the dealership has quoted you a loan with an APR of 4.9 percent for 60 months to buy the car. What will your monthly payments be? What is the effective annual rate on this loan?

Reference no: EM132494433

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