10 May WHAT IS THE NOMINAL RATE OF INTEREST?
(1) A certificate of deposit (CD) offers a daily rate of 0.04% compounded daily. What is the nominal rate of interest? You can assume 365 days per year. Express your answer as a percentage between 0 and 100 rounded to the nearest tenth of a percent.(2) You make monthly payments on a loan. What is the effective monthly interest rate for this loan with a 4.9% nominal annual interest rate if the loan is compounded daily? Enter your answer as a percentage (rounded to the nearest hundreth of a percent) between 0 and 100.(3)You make monthly payments on a loan. What is the effective monthly interest rate for this loan with a 8% nominal annual interest rate if the loan is compounded continuously? Enter your answer as a percentage (rounded to the nearest hundreth of a percent) between 0 and 100.(4) “A series of equal quarterly payments of $2 700 extend over a period of 7 years. What is the present worth of this quarterly payment series at 6.58% interest compounded continuously?”(5) “To purchase a new car you borrow $26 000 for 9 years at the rate of interest of 12.2% APR compounded monthly and you make monthly car payments. How much interest do you pay on the 7th payment?”(6) “Ms. Jones wants to buy a new car for $30 000. She will make a down payment of $15 000. She would like to borrow the remainder from a bank at an interest rate of 8.8% compounded monthly. She agrees to pay off the loan monthly for a period of 2.25 years. Assume that Ms. Jones has made 11 payments and wants to figure out the balance remaining immediately after the 11th payment. Determine the remaining balance.”(7) “What is the required monthly payment to repay a loan of $83 000 in 9 years if the interest rate is 8.56% coumpounded daily? (Assume 30 days per month.)”
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