AND CENTS A bankC D has a yeld of 12% per year, nominal annual rate, which is co
ID: 1165477 • Letter: A
Question
AND CENTS A bankC D has a yeld of 12% per year, nominal annual rate, which is compounded monthly fund, how much is it worth at the end of the 10 years 6. If you deposit sio non in the 7 How long would it take order to at least double an initial investment at a nominal annual interest rate of 12.00% compounded monthly? Express your answer in years and months. 8, A person borrows S25.000 to buy a new car. The loan is financed at 5% per year nominal annual rate that is compounded monthly for 4 years. What is monthly payment?Explanation / Answer
A =( ( 1+R/N)^12N )* P
A = Amount
R= Rate of intrest
N = Time peroid
P = Principal
A =[( 1+.12/12)^120]*10000 = $33003.8689