Question: SHOW FULL WORK AND HIGHLIGHT ANSWER I. What is the effective annual interest rate on a 9% APR automobile loan that has monthly payments? A.

SHOW FULL WORK AND HIGHLIGHT ANSWER

I. What is the effective annual interest rate on a 9% APR automobile loan that has monthly payments? A. 10.94% B. 9.00% C. 9.38% D. 9.81% 2. "Give me $5,000 today and I'll return $10,000 to you in 5 years," offers the investment broker. To the nearest percent, what annual interest rate is being offered? A. 12.84% B. 14.87% C. 13.67% D. 12.29% 3. Your real estate agent mentions that homes in your price range require a payment of $1,200 per month for 30 years at 9% interest. What is the size of the mortgage with these terms? A. $149,138.24 B. $128,035.05 C. $147,940.29 D. $393,120.03 4. How much will accumulate in an account with an initial deposit of $100, and which earns 10% interest compounded quarterly for 3 years? A. $134.49 B. $107.69 C. $313.84 D. $133.10

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