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What is equal-payment-series present-worth factor?
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- An annuity is a series of equal payments occurring at equal time intervals, normally at the end of the period Select one: O True O FalseWhat is the effective annual interest rate?A department store has offered you a credit card that charges interest at 1.05% per month, compounded monthly. a. What is the nominal interest (annual percentage) rate for this credit card? b. What is the effective annual interest rate?
- Investments Jack invests $1000 at a certain annual interest rate, and he invests another $2000 at an annual rate that is one-half percent higher. If he receives a total of $190 interest in I year, at what rate is the $1000 invested?Define the term effective semiannual interest rate?Describe what is the Compound-Amount Factor?
- At what rate of interest will an investment double itself in 10 years?What type of interest is obtained when the nominal interest rate is divided by the number of compounding periods in a year? a effective interest rate per year b nominal interest rate per compounding period c effective interest rate per compounding period d nominal interest rate per yearDoes the compounding increases the amount of interest paid over a year atthe same nominal interest rate?
- What is the single-payment compound-amount factor?Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00 promissory note with a maturity of 6 months. What is the annual and monthly simple interest rate charged by the loan shark?What effective annual interest rate corresponds to the following situations? nominal interest rate of 5% compounded semi annually b. nominal interest rate of 6% compounded monthly а.