Saved The rates offered by a credit union for its non-redeemable 90- to 365-day GICs are shown in the following table: Deposit Amount $10,000 to $24,999 Rate 2.5% $25,000 to $59,999 $60,000 to $99,999 3.0% 3.2% Early redemption is permitted but will result in the rate being reduced to 1.75%. How much more interest will a 91-day $20,000 term deposit earn if it is held until maturity than if it is redeemed after 80 days? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.) Extra interest earned $ SA
Saved The rates offered by a credit union for its non-redeemable 90- to 365-day GICs are shown in the following table: Deposit Amount $10,000 to $24,999 Rate 2.5% $25,000 to $59,999 $60,000 to $99,999 3.0% 3.2% Early redemption is permitted but will result in the rate being reduced to 1.75%. How much more interest will a 91-day $20,000 term deposit earn if it is held until maturity than if it is redeemed after 80 days? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.) Extra interest earned $ SA
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 5FPE
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