Reference no: EM131669248
(1) You make monthly payments on a loan. What is the effective monthly interest rate for this loan with a 6.8% nominal annual interest rate if the loan is compounded monthly? Enter your answer as a percentage (rounded to the nearest hundreth of a percent) between 0 and 100.
(2) A certificate of deposit (CD) offers a daily rate of 0.03% compounded daily. What is the effective monthly interest rate? You should assume 30 days per month. Express your answer as percentage between 0 and 100 rounded to the nearest hundreth of a percent.
(3) "Suppose that $5,500 is placed in a bank account at the end of each quarter over the next 14 years. What is the future worth at the end of 14 years when the interest rate is 14.7% compounded monthly?"
(4) Republic Finance offers money at 0.65% per month compounded monthly. Assume Republic Finance changes to continuous compounding but decides to keep the ANNUAL NOMINAL INTEREST rate the same as with the monthly compounding. How many years will it take for an investment to quadruple with this continuous compounding? (Your answer can be a decimal.)
(5) "Ms. Jones wants to buy a new car for $22,000. She will make a down payment of $11,000. She would like to borrow the remainder from a bank at an interest rate of 9.9% compounded monthly. She agrees to pay off the loan monthly for a period of 2.75 years. What is the annual monthly payment for Ms. Jones?"
(6) "Ms. Manifee would like to purchase a new condo for $125,000. She plans to make a down payment of $52,000 and to borrow the rest of the money from the bank. The bank charges an annual percentage rate of 4% compounded daily. She agrees to monthly payments to pay off the loan in 17 years. Assume Ms. Manifee has made 14 payments and would like to pay off the balance immediately after the 14th payment. How much does she need to pay off the remaining balance on her loan?"
(7) "You currently owe $2076 on your credit card, which calculates interest based on 18.25% APR, compounded daily. You make quarterly payments of $767 at the end of every quarter, and you make your first payment exactly one quarter from now. How many quarters until you pay off your credit card debt? Assume 91 days in each quarter. Express your answer as an integer (number of quarters)."
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