A Borrows $2000 for 14 Years at an Annual Effective Interest

Answer for A Borrows $2000 for 14 Years at an Annual Effective Interest for $2 Only (Instant Download)

(Exercise 5.24) A borrows $2000 for 14 years at an annual effective interest rate of 12%. A can repay this loan using the amortization method with payments of P at the end of each year. Instead. A repays the loan using a sinking fund that pays an annual effective rate of 15%. The deposits to the sinking fund are equal to P minus the interest on the loan and are made at the end of each year for 14 years. Determine the balance in the sinking fund immediately after repayment of the loan.

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Wolf & Co. is planning

Wolf

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Wolf & Co. is planning to save some money to buy new equipment. The company is opening an account today with a deposit of $15,000 and expects to earn 4% interest. After 3 years, it wants to add an additional $50,000 to the account If the account continues to earn 4% interest, how much money will the company have in its account five years from now?

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Jack Borrows and Other Questions

1. Jack borrows $19,000 to be repaid in 2 equal year-end amounts over 2 years. If the interest rate is 4.7% per annum compounded quarterly, Jack’s annual repayment is (rounded to nearest dollar; don’t include the $ sign or commas):  

2. You deposit 5,000 into your bank account every month starting in one month. You earn an interest rate of 6.4% p.a. compounded quarterly. How much will in your account after 5 years? (Correct your answer to the nearest cent without any unit (Do not put $ in front of your answer.). Do not use “,” in your answer. e.g. 123456.78)

3. Calculate the nominal interest p.a. compounded half-yearly that is equivalent to 7.2% p.a. compounded quarterly. (Correct your answer to the nearest 0.01%, e.g. 2.12%)

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Find Out the Rate of Interest for Raj

Find Out the Rate of Interest for Raj for $1 Only (Instant Download)

Mr. Raj deposits 10,00,000 and he receives Rs. 1,00,000 every year for the next 20 years. Find out the rate of interest being offered to the investor.

Select one:

a. 10%

b. 6.7%

c. 12%

d. 7.6%

e. Not enough information

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