What is an amortized loan? What is an amortization schedule and how is it used?
Answer to relevant QuestionsIf you invest $500 today in an account that pays 6 percent interest compounded annually, how much will be in your account after two years?Find the future value of the following annuities due:a. $400 per year for 10 years at 10 percentb. $200 per year for five years at 5 percentA mortgage company offers to lend you $85,000; the loan calls for payments of $8,273.59 per year for 30 years. What is the effective annual interest rate, rEAR, that the mortgage company is charging you?Find the present value of $500 due in five years under each of the following conditions:a. 12 percent simple rate, compounded annuallyb. 12 percent simple rate, compounded semiannuallyc. 12 percent simple rate, compounded ...The First City Bank pays 7 percent interest, compounded annually, on time deposits. The Second City Bank pays 6.5 percent interest, compounded quarterly.a. Based on effective interest rates, in which bank would you prefer to ...
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