John is to pay off a loan of $872.3, but he plan on paying it off 2
Question:
John is to pay off a loan of $872.3, but he plan on paying it off 2 months earlier than it is due.
How much should the receiver be willing to accept if they accept earlier payments and interest is 5% compounded monthly?
2)$683.55 is due today, but she will be paying the balance with interest 3 months from now. If interest is charged at 1.2% compounded quarterly, how much will she pay 3 months from now?
3)What is the effective interest rate for an investment that grew from $309.51 to $315.91 with 8% compounded semi-annually interest? Write the answer as a percentage to 2 decimal places.
4)1.2% compounded quarterly is equivalent to what nominal interest rate that is compounded semi-annually? Write the answer as a percentage and write all decimal places.
5)What is an equivalent interest rate for 2.1% compounded monthly that is compounded semi-annually? Write your periodic rate as a percentage rounded to 3 decimal places.
6)The effective interest rate of 4.3% is equivalent to what quarterly periodic interest rate? Write the answer as a percentage to 3 decimal places.
7)What is the economic equivalent value of payment $533.5 that was due 6 months ago and $379.54 that was due 3 months ago? Assume interest is 4.2% compounded quarterly.