QUESTION 1 Bobby took out a loan of $1200 at 4.5% compounded semiannually and paid it off after 4 months. How much did he have to pay to retire the loan?
QUESTION 1 Bobby took out a loan of $1200 at 4.5% compounded semiannually and paid it off after 4 months. How much did he have to pay to retire the loan?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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QUESTION 1
Bobby took out a loan of $1200 at 4.5% compounded semiannually and paid it off after 4 months. How much did he have to pay to retire the
loan?
QUESTION 2
How much must you pay now to the nearest dollar for a certificate of deposit that earns 4% annually compounded monthly if it will be warth
$10,000 in 5 years?
QUESTION 3
Marge wants to accumulate $2500 for a down payment on a car. If she wants to be able to buy the car in 6 months when she gets a raise, how
much should she put each month into an account earning 0.25% per month to achieve her gaol? Round to the nearest penny if needed.
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QUESTION 1
Bobby took out a loan of $1200 at 4.5% compounded semiannually and paid it off after 4 months. How much did he have to pay to retire the
loan?
QUESTION 2
How much must you pay now to the nearest dollar for a certificate of deposit that earns 4% annually compounded monthly if it will be warth
$10,000 in 5 years?
QUESTION 3
Marge wants to accumulate $2500 for a down payment on a car. If she wants to be able to buy the car in 6 months when she gets a raise, how
much should she put each month into an account earning 0.25% per month to achieve her gaol? Round to the nearest penny if needed.
Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Save All Answers
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