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What interest rate are you being charged

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Present value for various discounting periods

Find the present value of $700 due in the future under each of these conditions:

14% nominal rate, monthly compounding, discounted back 1 year.

You borrow $55,000; the annual loan payments are $3,180.66 for 30 years. What interest rate are you being charged?

Future value for various compounding periods

Find the amount to which $800 will grow under each of these conditions:

16% compounded monthly for 3 years. Round your answer to the nearest cent.

$?

Reference no: EM13805731

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