You are going to borrow $30,000 to purchase a car.  You agree to repay the loan in 36 monthly payments of $996.43 each.  What is the nominal interest rate (APR) of this loan if interest is being compoun

Q: Determine the equivalent present amount of a series of equal quarterly amounts of $10,000 for five…

A: Present value is the value of investment in today's dollar. Future value is the value of investment…

Q: Jack borrowed $10,000 from Mr. Jill on July 11, 2018 and promised to pay it by December 21, 2018.…

A: Given the borrowed amount = $10000 Interest rate = 15% Total number of days between the given months…

Q: Find the nominal rate compounded monthly which is equivalent 12% compounded quarterly. write your…

A: The Effective Interest Rate is utilized to work out the effective annual interest rate in view of…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Given: The interest rate is = 11% compounded quarterly The amount at 4th quarter is = $1,200 The…

Q: How much money would you have to deposit monthly for five consecutive years starting at the end of…

A: Future value will be computed as the total sum of value of series of payments (i.e. PMTs) in future…

Q: You have selected an account that yields 3.85% compounded monthly to invest the $4,051,948 that you…

A: The effective annual interest rate (EAR), also called the annual percentage yield, means the true…

Q: How much do you need to save each year for 30 years in order to have $775,000, assuming you are…

A:

Q: 43. Find the equivalent rate of interest of 9% compounded quarterly to an interest rate compounded…

A: Given interest rate = 9 % compounded quarterly Effective annual rate = (1 + rate)^time - 1 = (1 +…

Q: Compared the interest earned by $13,000 for seven years at 8% simple interest with interest earned…

A: Given:  Principal amount ( P) = $13,000 Interest rate(r) = 8% Time(t) = 7 years

Q: Suppose you borrowed $10, 000 at an interest rate of 12% compounded monthly over 48 months. At the…

A: Principle Amount =  $ 10,000 Interest rate = 12%                          = $1200 Loan amount =…

Q: Tamara Massey received $1,500,000 from an insurance company after her husband's death. She wants to…

A: Interest rate per month can be calculated as follows: Thus, the interest rate is 0.67%

Q: What is the size of the payments that must be deposited at the beginning of each 6-month period in…

A: The compound interest formula for semi annual basis is as follows: A=P(1+rn)nt Where,  A is the…

Q: How many months will it take to pay off a $525 debt, with monthly payments of $15 at the end of each…

A: Mortgage installments are regular payments made by borrowers to lenders to repay a mortgage loan.…

Q: What is the effective interest rate per month if the interest rate is 9% compounded continuously?

A: The effective interest rate refers to the rate of interest that paid on an investment after to take…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Given that there are withdraws of $1000 in the fourth period and $2800 in the eighth period.…

Q: The following table shows the total sales, in thousands, since a new game was brought to market.…

A: Diminishing returns refers to a situation where the marginal output of a production process…

Q: Find the nominal rate compounded semi-annually which is equivalent to 16% compounded monthly. What…

A: Given: Interest Rate (r): 16% Compounding (m) per period: 12 New Compounding (q) per period: 2

Q: 200,000 was deposited at an interest rate of 24% compounded semi-annually. After how many years will…

A: Compound interest is the addition of interest which is being made to the principal sum of a deposit…

Q: consider yourself unable to pay this month's rent due to financial issues. A Money lending company…

A: * Annual interest rate = per month interest rate * 12 * Effective annual interest rate : Here we…

Q: Money borrowed today is to be paid in 6 equal payments at the end of each quarter. If the interest…

A: answer was attached below

Q: ou borrow $5,000.00 and repay it back in monthly payments of $200.00 for three years. What is the…

A: Borrowed Amount = 5000 Monthly Payment = 200 n = 3 years

Q: Compare the interest earned on $8,000 for 15 years at 8% simple interest with the amount of interest…

A: A fixed percent of interest rate on the principal amount over a specific time period is referred to…

Q: Which of the following compounding rates is equivalent to an effective interest rate of 2.75% per…

A: An effective annual rate of interest refers to the real return on a savings account with the…

Q: What is the nominal rate of interest compounded continuously for 10 years if the compound amount…

A: Nominal interest is the interest before adjusting inflation.

Q: If I loaned an amount of 27,292 with an interest rate of 10% for the three and half years compounded…

A: Present value = 27292 r = 10% Time = 3.5 years

Q: If you borrowed $32,000 for 72 months at 16.5% with an add-on loan, what would be your monthly…

A: Principal Amount ((P)) = $32,000- Annual Interest Rate ((r)) = 16.5%- The loan term ((t)) is 72…

Q: Find the equivalent rate of interest of 9% compounded quarterly to an interest rate compounded…

A: Given interest rate = 9 % compounded quarterly quarterly rate = 9/4 = 2.25 % effective interest rate…

Q: An increasing annual uniform gradient series ends at the end of fifteenth year. What is the value of…

A: Present value of uniform inflow = Value of increasing annual uniform gradient series for 15 year For…

Q: Suppose you want to withdraw $30,000 at the end of year 3 and another $30,000 at the end of year 5.…

A: When money is put somewhere, interest is accrued. Principal value refers to the original deposit,…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Here we calculate the amount of the quarterly deposits by using the given cashflow , so the…

Q: What is the difference between the sums of an annuity due and an ordinary annuity for the following…

A: In economics, present value refers to the current value of a future flow of cash flow. Future value…

Q: A $100,000 mortgage at 4.9% compounded semiannually with a 30-year amortization requires monthly…

A: Mortgage amount = $100,000 Interest rate = 4.9% compounded semiannually Time period = 30-year…

Q: Lisa has a bank loan for $50,000 to pay for her apartment loan. This loan is to be repaid in equal…

A: Monthly compound interest-it means that the interest is added back to the principle each month.…

Q: Suppose you borrowed $10, 000 at an interest rate of 12% compounded monthly over 48 months. At the…

A: Loan amount (P)=$10,000 Rate of interest =12% compounded monthly  This loan is a fixed payment loan…

Q: Find i (the rate per period) and n (the number of periods) for the following loan at the given…

A: Given: Annual interest rate = 7% Interest is compounded semi-annually. Hence, i (rate per period) =…