10 May WHAT IS THE BALANCE OF YOUR LOAN IMMEDIATELY AFTER YOUR 7TH PAYMENT?”
(1) You make monthly payments on a loan. What is the effective monthly interest rate for this loan with a 5.6% nominal annual interest rate if the loan is compounded monthly? Enter your answer as a percentage (rounded to the nearest hundreth of a percent) between 0 and 100.(2) Republic Finance offers money at 1.14% per month compounded monthly. What is the effective annual interest rate? Express your answer as a percentage between 0 and 100.(3) “Assume your credit card calculates interest based on 10.81% APR coumpounded monthly. If your current outstanding balance is $6 406 and you skip payments for 5 months what would be the total balance 5 months from now?”(4) “What will be the required monthly payment to repay a loan of $29 000 in 9 years if the interest rate is 7.21% compounded continuously?”(5) “You are requesting a loan of $34 157 and you plan to repay the loan in equal payments on a monthly basis. If the nominal interest rate is 11.3% compounded monthly how much do you need to pay every month in order to pay off the loan in 7 years?”(6) “You are borrowing $35 000 at a nominal rate of 6% compounded monthly for 41 months. What is the balance of your loan immediately after your 7th payment?”(7) “Ms. Manifee would like to purchase a new condo for $96 000. She plans to make a down payment of $53 000 and to borrow the rest of the money from the bank. The bank charges an annual percentage rate of 5% compounded daily. She agrees to monthly payments to pay off the loan in 9 years. What is her monthly payment?”
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