Question: Question 3 (1 point) What nominal interest rate (APR) compounded monthly will grow an initial deposit of $1,000 to $1,000,000 in 40 years if I

Question 3 (1 point) What nominal interest rate (APR) compounded monthly

Question 3 (1 point) What nominal interest rate (APR) compounded monthly will grow an initial deposit of $1,000 to $1,000,000 in 40 years if I make quarterly deposits of $1,500? 0 1.51% O 6.16% O 6.02% O 5.99% Question 6 (1 point) I borrow $85,000 at an interest rate of 8% APR compounded continuously with monthly payments of $1,000. Three years from now I re-finance the remaining balance at 6% APR compounded quarterly with the same monthly payments. How long would it take from the original loan date (months) to pay the loan down to a balance of $10,000? O 108.2 months O 88.4 months O 52.4 months O 72.2 months

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

3. What nominal interest rate (APR) compounded monthly will grow an initial deposit of $1,000 to $1,000,000 in 40 years if then make quarterly deposits of $1,500.00

Answer both for a rating. Question 5 (1 point) Same as Problem 4 except different withdrawal. I make an initial deposit of $4,000 followed by withdrawals of $30.00 per month. The nominal APR is 8.00%...

1. What will be the approximate population of the United States, if its current population of 316 million grows at a compound rate of 2.1% annually for 25 years? 2. Assume that a gallon of milk costs...

preapre statement of cash flow for the year ended 31 Dec 20X8 with indirect method. You must remember to present separately Cash from operations in operating activities. Company OMEGA decided to...

Havana, Inc., has identified an investment project with the following cash flows. If the discount rate is 6 percent, what is the future value of these cash flows in Year 4? (Hint: Be careful with the...

Question 3 (1 point) What do we call the possible conflict of interest between shareholders and management? A) Stakeholder problem OB) Double taxation OC) Shareholders' dilemma OD) Agency problem...

Calculate the accumulated value after ten years of payments of $1000.00 made at the ond of each quarter it interest is 4% compoundod somi-annualty. $47,556,49 $48,836.51 $45,536.51 $47,836.50...

6. $12500 is deposited to a bank account today with an nominal interest rate of 8%, compounded quarterly. How much will you be able to withdraw in 4 years using yearly interest rate? A)16506 B)16780...

Need help with these discussion postings (in a document) and assignments (all in separate files), all directions are included as well. FINANCE DIRECTIONS Need to provide 1 original post substantial...

Hello. I'm looking for some help completing my finance project. (10% total course grade) There are quite a few questions. (40 total) I can check the answers one time before submitting. Hoping for...

Communists believed that their system would be much more efficient than capitalism: They thought that competition between companies was wasteful. Why build three separate headquarters for carmakers...

Use the IS-LM diagram to analyze the following questions. Be sure to label: i. the axes, ii. the curves, iii. the initial equilibrium values, iv. the direction the curves shift, v. the terminal...

Consider a simplified example in which all 9 0 , 0 0 0 residents in a particular town pay $ 1 0 0 a month to the insurance company SecureSure for medical insurance coverage. The insurance company...

Here is a Java function. public int process(int n) { if (n e) return 0; else insert operator here process (n-1); return n The function is used in this line of code: System.out.println(process(5)); An...