External link to Loan amortization and EAR

Loan amortization and EAR

Loan amortization and EARYou want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 6% with interest paid monthly.What will be the monthly loan payment? Round your answer to the nearest cent.$What will be the loan’s EAR? Round your answer to two decimal places.%

External link to 5-2: Future Values 5-3: Present Values

5-2: Future Values 5-3: Present Values

resent and future values for different periodsFind the following values using the equations and then a financial calculator. Compounding/discounting occurs annually. Round your answers to the nearest cent.An initial $800 compounded for 1 year at 8%.$An initial $800 compounded for 2 years at 8%.$The present value of $800 due in 1 year at a discount rate of 8%.$The present value of $800 due in 2 […]

External link to 5-4: Finding the Interest Rate, I 5-16: Comparing Interest Rates

5-4: Finding the Interest Rate, I 5-16: Comparing Interest Rates

Effective rate of interestFind the interest rates earned on each of the following. Round each answer to two decimal places.You borrow $750 and promise to pay back $780 at the end of 1 year.%You lend $750 and the borrower promises to pay you $780 at the end of 1 year.%You borrow $63,000 and promise to pay back $121,302 at the end of 5 years.%You borrow […]

External link to 5-7: Future Value of an Ordinary Annuity 5-8: Future Value of an Annuity Due

5-7: Future Value of an Ordinary Annuity 5-8: Future Value of an Annuity Due

Future value of an annuityFind thefuture valuesof theseordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent.$200 per year for 4 years at 6%.$$100 per year for 2 years at 3%.$$1,000 per year for 16 years at 0%.$Rework previous parts assuming that they are annuities due. Round your answers to the nearest cent.$200 per year for 4 years at 6%.$$100 per […]

External link to Effective versus nominal interest rates

Effective versus nominal interest rates

Effective versus nominal interest ratesBank A pays 7% interest compounded annually on deposits, while Bank B pays 6% compounded daily.Based on the EAR (or EFF%), which bank should you use? You would choose Bank A because its EAR is higher.You would choose Bank B because its EAR is higher.You would choose Bank A because its nominal interest rate is higher.You would choose Bank B because […]

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