You want to invest your money. Bank 1 offers you a rate of 8.5% compounded quarterly. Bank 2 offers you a rate of 8.2% compounded daily. Bank 3 offers you a rate of 8.75% compounded semi-annually. Bank 4 offers you an effective rate of 8.85%. Which bank would you choose?
Answer to relevant QuestionsFind the present value of each future amount: $15,402 for 120 days; money earns 6.3%Lorie Reilly decides to go back to college. For transportation, she borrows money from her parents to buy a small car for $7,200. She plans to repay the loan in 7 months. What amount can she deposit today at 5.25% to have ...The Flagstar bank isn Michigan offered a 5 year certificate of deposit (CD) at 4.38% interest compounded quarterly.* On the same day on the Internet, Principle Bank offered a 5 year CD at 4.37% interest compounded monthly. ...You borrow $165,000 to buy a house. The mortgage rate is 4.5 percent and the loan period is 30 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much total interest will you pay?You just opened a retirement account with a $5,000 deposit. Assuming that you can earn an 8% annual return (and that you make no additional deposits), what will this account be worth when you retire in 35 years? Now, ...
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