Deshaun took out a loan for $6100 that charges an annual interest rate of 9.7%, compounded daily. Assume there are 365 days in each year. Answer each part. If necessary, refer to the list of financial formulas. (a) Find the amount owed after one year, assuming no payments are made. Do not round any intermediate computations, and round your answer to the nearest cent. $ (b) Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent. %
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
PLEASE ANSWER PARTS A AND B
Deshaun took out a loan for $6100 that charges an annual interest rate of 9.7%, compounded daily. Assume there are 365 days in each year. Answer each part. If necessary, refer to the list of financial formulas.
(a) Find the amount owed after one year, assuming no payments are made.
Do not round any intermediate computations, and round your answer to the nearest cent.
$
(b) Find the effective annual interest rate, expressed as a percentage.
Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.
%
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