If the bank states an effective interest rate of 13.5% per year, and there are 52.15 weeks, how much interest do you earn on a deposit of $120,000 over 1 week?

A commercial bank offers you a credit card with an annual percentage rate APR = 9%, compounding monthly. What’s the credit card’s nominal annual rate?

You currently have $5,000. First United Bank will pay you an annual interest rate of 8.1, while Second National Bank will pay you an annual interest rate of 9.2. How many fewer years must you wait for your account value to grow to $10,300 at Second National Bank?

You currently have a balance of $9,000 and you pay an interest rate of 17% per year on the card.  Your minimum payment is 3% of the statement balance.  If you pay the minimum balance for 10 months, what will be your new balance?

You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $108 in the sixth month and increase your withdrawals by $15 over the previous month's withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar

Solve the problem below. 2. Suppose that your bank has a minimum loan charge of $48 when you borrow at 6% ordinary interest for 90 days. What principal borrowed will result in a $48 interest charge?

How much would you need to deposit in an account each month in order to have $10,000 in the account in 8 years? Assume the account earns 7% interest.   Please step by step answer.

If you want to earn 7% annual simple interest on an investment, how much should you pay for a note that will be worth 15,500.00 in 2 months

4) Find the account balance at the end of 10 years, if you deposit 15,000 in an account today if a. The bank pays interest at 12% per year. b. The bank pays interest at 6% every 6 months. c. The bank pays interest at 3% per quarter, d. The bank pays interest at 1% per month. What do you observe when you compare the balances for the four scenarios listed.

You currently have $20,000 in the bank. The interest rate is 6% compunded monthly. What equal amount could be withdrawn each month for 60 months and have $o left in the account at that time? The first withdrawl takes place one month from today.