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A bank offers two types of interest accounts. The first account receives 8% interest compounded quarterly. The second account receives 6% interest compounded continuously. Which account is better and why??
Subject:
Math
Topic:
Consumer Mathematics
Posting ID:
13761
OTA ID:
103997
On July 1, B.Good borrowed $2000 from G. Whiz and agreed to pay the debt plus 8% simple interest in 270 days. Thirty days after borrowing the money, B. Good settled the debt by having it discounted at a simple interest rate of 7%. How much did G. Whiz recieve?
Subject:
Math
Topic:
Consumer Mathematics
Posting ID:
17037
OTA ID:
101733
On June 1, Fanger and Rampke buy merchandise amounting to $3000. If they pay cash, they will get a 2%discount. To take advantage of this cash discount, they sign a 60-day non interest bearing note at their bank which charges 10% interest. a. What should be the face value of the note to give them the exact amount they need to pay cash for the merchandise? b. How much do they save by taking this option?
Subject:
Math
Topic:
Consumer Mathematics
Posting ID:
17038
OTA ID:
101733
If the principal is $2000 and the interest rate is 10% compounded semi- annually for the first 4 years and 12% compounded semi-annually for the next 5 years, what is the amount at the end of the ninth year?
Subject:
Math
Topic:
Consumer Mathematics
Posting ID:
17040
OTA ID:
103300
If $1,000 amounts to $1,750 in six years, what is the nominal interest rate compounded semi - annually? (show all work)
Subject:
Math
Topic:
Consumer Mathematics
Posting ID:
17041
OTA ID:
101298
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