Daniel Carter deposited $6,500 in a savings account that paid 6% interest compounded monthly. What is the effective annual rate (EAR) of interest?
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- On April 13, Thomas Ash deposited $2,500 in a passbook savings account at 3.5% interest compounded daily. What is the compound amount (in $) of his account on August 5?The following certificate of deposit (CD) was released from a particular bank. Find the compound amount and the amount of interest earned by the following deposit. $3000 at 5.7% compounded quarterly for 5 years. What is the compound amount?Lara's $600 deposit earned $120 at 2.7% simple interest . How long was the money on deposit?
- vince has just opened an 18-month certificate of deposit on which interest compounds daily. he deposited $4,635 and the effective rate of interest is 4.73%. how much total interest will he earn?.Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Can you please help me work out this problem in detail? Minnie Rose deposited $15,000 in Street Bank at 4% interest compounded quarterly. What was the balance on Minnie’s account at the end of year 1? What was the interest earned on this account? What was the effective rate (APY)? Round your answer to the nearest hundredth of a percent.