29 Jun Question 53. What’s the present val
Question
53. What’s the present value of $1,525 discounted back 5 years if the appropriate interest rate is 6%, compounded monthly?
a. $969
b. $1,020
c. $1,074
d. $1,131
e. $1,187
54. Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 18.00%, with interest paid monthly, what is the card’s EFF%?
a. 18.58%
b. 19.56%
c. 20.54%
d. 21.57%
e. 22.65%
55. Riverside Bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $50,000, but it will charge an annual rate of 7.0%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Midwest versus the rate charged by Riverside?
a. 0.52%
b. 0.44%
c. 0.36%
d. 0.30%
e. 0.24%
56. Suppose Community Bank offers to lend you $10,000 for one year at a nominal annual rate of 8.00%, but you must make interest payments at the end of each quarter and then pay off the $10,000 principal amount at the end of the year. What is the effective annual rate on the loan?
a. 8.24%
b. 8.45%
c. 8.66%
d. 8.88%
e. 9.10%
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