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What was the rate of interest charged by the bank

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Assume that 3-month treasury bills totalling $12 billion were sold in $10,000 denominations at a discount rate of 3.605%. In addition, the treasury department sold 6-month bills totaling $10 billion at a discount rate of 3.55%. (a) What is the discount amount for 3-month bills? (b) What is the discount amount for 6-month bills? (c) What is the effective rate for 3-month bills? (d) What is the effective rate for 6-month bills?

Carol Miller went to Europe and forgot to pay her $740 mortgage payment on her New Hampshire ski house. For her 59 days overdue on her payment, the bank charged her a penalty of $15. What was the rate of interest charged by the bank? 

Lee Wills loaned Audrey Chin $16,000 to open Snip Its Hair Salon. After 6 years, Audrey will repay Lee with 8% interest compounded quarterly. How much will Lee receive at the end of 6 years?

Tony Ring wants to attend Northeast College. He will need $60,000 4 years from today. Assume Tony's bank pays 12% interest compounded semiannually. What must Tony deposit today so he will have $60,000 in 4 years?

Pete's Real Estate is currently valued at $65,000. Pete feels the value of his business will increase at a rate of 10% per year, compounded semiannually for the next 5 years. At a local fund-raiser, a competitor offered Pete $70,000 for the business. If he sells, Pete plans to invest the money at 6% compounded quarterly. What price should Pete ask?

At the beginning of each period for 10 years, Merl Agnes invests $500 semiannually at 6%. What is the cash value of this annuity due at the end of year 10?

Reference no: EM133239607

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