Blake Hamilton has money in a savings account that earns an interest rate of 6.5% monthly. What is the effective rate of interest on Blake's savings. Select the correct response: 6.53% 6.697% O 7.2% 7%

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A: The value of a current asset at a future date based on an expected rate of growth is known as future…

Q: involving investments, mortgages, loans, and so on are based on either a fixed or a variable in used…

A: Simple interest is simple in nature that means no interest on interest is there but in compounded…

Q: If you deposit OMR 28416 in your account in a bank. Suppose the bank pays 8% compound interest half…

A: The future value is the amount that will be received at the end of a certain period. In simple…

Q: how much money was invested in the CD​ account?

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Q: Bill deposits $100 into a bank account. His account is credited at a nominal discount rate of 4%…

A: Interest credited to the account of Bill and Cynthia at the end of the year will be $4 and $16…

Q: A friend asks to borrow $54 from you and in return will pay you $57 in one year. If your bank is…

A: Future value of an amount is calculated as follows:  FV = PV*(1+r)t Where,  FV = Future value of…

Q: 8. Given that Stephanie’s bank offers an interest rate of 6% per year, what additional amount…

A: Given: Particulars Pan Elixir Rebound Cheers Think local Last year dividend $2.50 $0.50 $1.00…

Q: You are comparing two banks. One bank is online and offers a savings account interest rate of 1.75%…

A: The annual percentage yield is the real rate of return that an investment earns over a period of…

Q: Раyment (4.34% paid Раymer paid (2.74% interest) interest) $29,000 automobile with 10% deposit Total…

A: Cost of automobile = $29,000 where  There is a deposit of 10% or $12,000 Assumed: Loan is taken for…

Q: Michael Perez deposited a total of $2000 with two savings institutions. Bank A pays interest at the…

A: Interest refers to the cost of borrowing money or the return earned on invested funds. When someone…

Q: You Save Bank has a unique account. If you deposit $7,250 today, the bank will pay you an annual…

A: In this case, the bank uses different interest rates for different periods, so we'll need to apply…

Q: 5. William needs to take out a loan for $2,400. Which of these payment plans would have William…

A: The question is based on the concept of loan operation and the charge of interest on the payment.…

Q: If you deposit OMR 7387 in your account in a bank. Suppose the bank pays 8% compound interest half…

A: Time value of money says that a dollar today is worth more than a diollar in future. Future value is…

Q: Marcus is trying to decide which checking account to open.  Bank A's account pays 1.6%, compounded…

A: To compare the returns on two different accounts, we need to calculate the effective annual interest…

Q: Suppose a person has a total credit card debt of $1.375 that has a 12% yearly interest rate. This…

A: Interest rate on savings provides the earnings to the investors while interest rate on credit card…

Q: 1. A man wishes to have P 100,000.00 on a bank that earns an exact simple interest rate of 10.50%.…

A: The future value of a present value is the value of that amount after taking into account the time…

Q: 3. Jeff has one savings account with the interest rate of 3.3% in a bank. If he deposits 1200 pesos…

A: Interest is an additional amount which is earned on deposited amount over the period. It is income…

Q: A person has some money in his/her checking account (say $100) and five transactions each of 10, 20…

A: As per withdraw & deposit methods synchronization helps to establish a lock to the object and…

Q: Suppose Zoe had deposited another $900 into a savings account at a second bank at the same time. The…

A: To calculate the amount of money Zoe will have in her savings account at the second bank in 13…

Q: . Simple Interest Solve the following Problem 1. A man borrowed P45,000 from a lending institution…

A: Simple interest is the rate of interest calculated on the principal amount at the percentage which…

Q: Is. Kim borrowed an amount from ne principal at the end of 9 months iscount is 13.73%, what is the…

A: In this we have to find out the future value of amount. Principal amount=P 1340 Discount rate=13.73%…

Q: 6. Kate earns 3.5% p.a. effective interest from her savings account. The inflation rate is 5.1% p.a.…

A: Real rate of interest is the inflation adjusted interest rate which will be calculated after taking…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Given, Monthly payment is $1773.60 Annual tax is $6,513 Annual insurance is $2,186

Q: Your goal is to accumulate $60,000 in seven years' time.  What monthly deposit must you make into a…

A: Interest rate per month = 12%/12 = 1% per month Time period = 7 years * 12 = 84

Q: 1. Assuming that you deposited $100 today in a bank at 6 percent annual interest rate. After four…

A: The objective of the question is to calculate the future value of a single sum of money invested…

Q: If you deposit $3,500 monthly into a savings account which earns 8.25% interest rate compounded…

A: Present Value is referred to as the current value of future sum of the funds or the cash flows…

Q: Jane Smart plans to make the following deposits in an account towards cash purchase of a real estate…

A: The concept of money's time worth indicates that any sum of money is worth more currently as…

Q: The principal represents an amount of money deposited in a savings account subject to compound…

A: Principal Amount = p = $2000Interest rate = r = 5%Time = t = 2 years

Q: If you deposit $3,500 monthly into a savings account which earns 4.25% interest rate compounded…

A: The future value function or concept can be used to determine the future value of a present sum or…

Q: If you deposit OMR 24184 in your account in a bank. Suppose the bank pays 8% compound interest half…

A: To open the "FV function" window - MS-Excel --> Formulas --> Financials --> FV.

Q: Account A and Account B each receive a deposit at the same time. Account A earns interest at an…

A: In compound interest, the interest earned during a period gets added to the principal, and the new…

Q: You need to borrow money. Bank I offers loans at 14.00% compounded yearly. Bank 2 offers loans at…

A: EAR=1+RMM-1

Q: May I ask for an explanation and solution to the question for a better understanding. Thank you!…

A: The money that should be invested by the investor is the present value of the required amount in CD…

Q: Fifth Fourth National Bank has a savings program which will guarantee you $14,500 in 11 years if you…

A: The Future Value of the Annuity refers to the sum value of all the payments which is occurred…

Q: James deposited $500 in his bank at 4.5% for 90 days. Use the simple interest formula to calculate…

A: Introduction: In simple interest, interest is paid only on the initial investment amount i.e. no…

Q: You decide to deposit your money today in a bank account paying 6.30% interest, compounded monthly.…

A: Present value refers to the current value of the future cash flows discounted at the interest rate…

Q: Formulate a system of equations for the situation below and solve. Michael Perez has a total of…

A: Two different savings options are there. We have to find the sum invested in each of them.

Q: Sophia invests $8,059 in a savings account that offers an annual percentage rate (APR) of 6.5%.…

A: Compounding is an important aspect of the concept of time value of money. When you invest a sum of…

Q: How much money should you deposit in your account now if you are looking to have $7000 after 5…

A: Present value = Future value / (+rate )^ no. of period

Q: Calculate the interest and total amount to E Pay attention to the term, sometimes peop equal a whole…

A: The total amount of the loan paid is the sum of interest and principal.

Q: If you deposit OMR 8854 in your account in a bank. Suppose the bank pays 8% compound interest half…

A: Future Value  Future value  is the worth of any asset or any sum of money at a future date when such…