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On January 1, 2017, Mr. Jim Henry deposited P 1,000,000 in Metro Filipino Bank. The certificate of deposit provides that

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On January 1, 2017, Mr. Jim Henry deposited P 1,000,000 in Metro Filipino Bank. The certificate of deposit provides that Mr. Henry earns monthly interest rate of 0.75%.

1. What is the Annual Percentage Rate of Interest or Coupon rate?

2. How much is the total interest earned by Mr. Henry as of December 31, 2017, if the agreement does not consider compounding?

3. What is the Annual Percentage Yield?

4. How much is the total interest earned by Mr. Henry as of December 31, 2017, if the agreement considers compounding?


Expert Answer:

Answer rating: 100% (QA)

1 Annual Percentage Rate APR or Coupon Rate The annual interest rate APR is given as 0 75 per month View the full answer


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Related Book For  answer-question
Using Financial Accounting Information The Alternative to Debits and Credits

Using Financial Accounting Information The Alternative to Debits and Credits

ISBN: 978-1337491471

10th edition

Authors: Gary A. Porter, Curtis L. Norton

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Posted Date: September 24, 2023 12:23:00
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