14. What is the interest rate of a 4-year, annual $1,000 annuity with present value of...

  

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14. What is the interest rate of a 4-year, annual $1,000 annuity with present value of $3.500? A. 3.85 percent B. 5.56 percent C. 8.84 percent D. 9.70 percent 15. You wish to buy a $15,000 car. The dealer offers you a 4-year loan with a 9 percent APR. What are the monthly payments? A. $260.78 B. $312.50 C. $373.28 D. $3,820.56 16. You are planning to make monthly deposits of $330 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now. how large will your retirement account be in 25 years? 1. $313838 2. $289499 3. $24124 4. $285992 17. What is the EAR of 14.9 percent compounded continuously? 1. 15.59 percent 2. 15.62 percent 3. 15.69 percent 4. 15.84 percent 5. 16.07 percent 18. Phil purchased a car today at a price of $8,500. He paid $300 down in cash and financed the balance for 36 months at 5.75 percent, compounded monthly. What is the amount of each monthly loan payment? 1. $248.53 2. $270.23 3. $318.47 4. $305.37 5. $257.62 14. What is the interest rate of a 4-year, annual $1,000 annuity with present value of $3.500? A. 3.85 percent B. 5.56 percent C. 8.84 percent D. 9.70 percent 15. You wish to buy a $15,000 car. The dealer offers you a 4-year loan with a 9 percent APR. What are the monthly payments? A. $260.78 B. $312.50 C. $373.28 D. $3,820.56 16. You are planning to make monthly deposits of $330 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now. how large will your retirement account be in 25 years? 1. $313838 2. $289499 3. $24124 4. $285992 17. What is the EAR of 14.9 percent compounded continuously? 1. 15.59 percent 2. 15.62 percent 3. 15.69 percent 4. 15.84 percent 5. 16.07 percent 18. Phil purchased a car today at a price of $8,500. He paid $300 down in cash and financed the balance for 36 months at 5.75 percent, compounded monthly. What is the amount of each monthly loan payment? 1. $248.53 2. $270.23 3. $318.47 4. $305.37 5. $257.62

Answer rating: 100% (QA)

Answer The correct option is as follows 14 The correct option is B Solution iAnnual Annuity Amount P ... View the full answer