A financing company charges 1.5% every two months on a loan. Find the equivalent effective rate of interest. Group of answer choices 9.34% 10.34% 11.34% 12.34%
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A financing company charges 1.5% every two months on a loan. Find the equivalent effective rate of interest.
Group of answer choices
9.34%
10.34%
11.34%
12.34%
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- How much money do you need to deposit in a bank today if you are planning to have $5000 in four years by the time you get out of college? The bank offers a 6.75% interest rate that compounds monthly.Solve the following problems with complete solution. 7. Calculate the finance charge for a credit card that has an average daily balance of 5,600 and a monthly interest rate of 1.35%.A software engineer borrows money to pay her employees while they are working at her start-up company. The bank offers an interest rate on the loan of 7% and the loan will be repaid in equal annual installments over 7 years at $70,000.00 per year. How much is the engineer able to borrow with the terms offered by the bank?
- Using Excel or a spreadsheet of your choice, create interest–time factor tables, similar to Table 20.9 , for i = 8 5% and i = 9 5%.A merchant is offered a 5.25% discount for immediate payment of a bill which is due in 96 days. What is largest simple interest rate at which he could afford to borrow in order to pay cash?engineering economics What is the future value after two years on the basis of compound interest for an amount of $5,000 deposited in a bank that pays annual interest of 10%?
- How much money do you need to ask from your grandparents at the start of your college career if tuition is $40,000/year? Assume tuition payments are at the start of the school year, and you are attending a 4-year institution. Use an interest rate of 8%. Draw a cash flow diagram.lucy heartfilia by a television set for a merchant who offers p25,000 at the end of 60 days she wishes to pay immediately and the merchant offers to compute the required amount on the assumption that money is worth 14% simple interest. What is the required amount?A student borrows $2,500.00 per year for eight years at 3% interest. How much will she have to repay at the end of eight years? The figure is the cash flow diagram.
- 21 Determine the interest rate in % compounded annually if the compound amount factor is 1.569 for a period of 6 years. Express your answer in 3 decimal places.How much money do you need to ask from your grandparents at the start of your college career if tuition is $40,000 per year. Assume tuition payments are at the start of the year and you are attending a 4 year institution. Use an interest rate of 8%. Draw a cash flow diagram.Deposits of 35 000.00, 48 000.00, and 25 000.00 were made in a savings account eight years, five years, and two years respectively. Determine the accumulate amount in the account today if a withdrawal of 55 000.00 was made four years ago. The applied interest rate is 12% compounded continuously.