You were offered the opportunity to purchase either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months.
a.
Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.)
Effective interest rate
b. Based on the effective interest rate, which would you choose?
simple interest note
simple discount note
3 answers
Evelyn saved $ 1000 at the end of every six months for five years in a savings account earned 4% compounded semi-annually. At the end of the five years, she let her money compound at 6% compounded quarterly for the next five years. Calculate the balance in her savings account at the end of 10 years and the total interest earned over this term.
how many licks does it take to get to the center of a tootsie roll pop?
answer: the world will never know.
answer: the world will never know.
Simple interest note
0 answers