What is the future value of a $900 annuity payment over five years if interest rates are 8 percent?
Answer to relevant QuestionsWhat is the future value of a $700 annuity payment over six years if interest rates are 10 percent?Given a 4 percent interest rate, compute the year 6 future value of deposits made in years 1, 2, 3, and 4 of $1,100, $1,200, $1,200, and $1,500. A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $1,500 per month for the next three years and then $500 per month for two years after that. If the bank is charging ...What is the interest rate of a 6-year, annual $5,000 annuity with present value of $20,000? To borrow $2,000, you are offered an add-on interest loan at 10 percent with 12 monthly payments. First, compute the 12 equal payments and then compute the EAR of the loan:
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