MA373 S13 Homework Chapter 2

The interest rate on victorias loan is 46 calculate

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Unformatted text preview: The interest rate on Victoria’s loan is 4.6%. Calculate P . 6. Shinji invests 2000 in the bank. At the end of one year Shinji withdraws 1100 from his account. At the end of two years, Shinji closes his account by withdrawing 1050. Calculate the annual effective interest rate earned by Shinji. 7. Dennis borrows 10,000 to be repaid with a payment of 6264.46 at time T and a payment of 6264.46 at time 2T . The annual effective rate on the loan is 7%. Determine T in months. January 24, 2013 8. Matt has 10,000 in his bank account today. Five years ago, he deposited 5000 into his account. Additionally, two years ago, Matt deposited 4000 into his account. Determine the annual effective interest rate that Matt has earned over the five year period. 9. Jing deposits 1000 into a bank account on January 1, 2011. Jing also deposits 300 on October 1, 2011. On December 31, 2011, Jing has 1400. Determine the annual effective interest rate earned by Jing during 2011. 10. Book Problem 2.3, Number 5. 11. Book Pro...
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