1) The APY (EAR) of a specific loan is 66%. The loan is compounded monthly. What is the APR of this loan?

2) You are going to buy a house with a $300,000 loan. The loan terms quote an APR of 3.2%, 30-year loan. What is your monthly payment for this house?

3) A woman currently has $200,000 in an account growing at 6% per year. She is also saving $30,000 a year and plans to do so for the next 20 years. Those funds will earn interest at the rate of 5% per year. She plans to retire in 20 years. If she deposits all of her savings at the time of retirement into an annuity paying 2% per year, and she plans to live 35 years after retirement, how much will she have to live on each year during her retirement?

4) You currently have $2000 in a stock account earning 6% per year. How long will it be before your account value reaches $9000?

Answer rating: 100% (QA)

Answer 1 Annual Percentage Yield 1 rnn 1 Where r annual percentage rate n number of times interest i... View the full answer