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BUSINESS 240 – The effective rate is

01 / 10 / 2021 Projects

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BUSINESS 240 – The effective rate is

Q1. The effective rate is:a. the stated rateb. the true semiannual ratec. the annual percentage yield rated. the nominal ratee. the beginning rateQ2. If you borrow $1000 at an APR of 12% and pay it back in one year making the samepayment amount each month, what principal (P) and interest (I) have you paid when theload is paid off?a. P=$1200, I=$120b. P=$1000, I=$120c. P=$1000, I=$66.19d. P=$1200, I=$65.50e. P=$1000, I=$60.00Q3. The compound interest on a $3,000.00 loan at 7% for 3 years compounded annually is:a. $3,675.13b. $630.00c. $3,630.00d. $675.13e. none of the aboveQ4. $15,000.00 for 10 years compounded at 10% quarterly results in how many periods?a. 20b. 10c. 120d. 40e. none of the aboveQ5. How much should be invested today to provide $1,800.00 in one year? Assume 10%interest compounded annually.a. $1,636.36b. $1,782.00c. $1,620.00d. $493.15e. $1,647.42Q6. If interest is compounded, the total amount at the end of the loan or investment term iscalled the:a. future valueb. compound amountc. present valued. both A and Be. none of the aboveQ7. Your company needs to have $40,465.00 five years from now. If the interest rate atyour bank is 6% compounded quarterly, how much will you need to deposit into youraccount today in order to have the desired amount in 5 years?a. $29,999.26b. $29,666.92c. $30,044.05d. $30,000.00e. $20,044.05Q8. Starting with $4,500.00, what will it grow to in 5 years at 7.25% compounded daily.a. $6,385.95b. $6,465.89c. $6,358.59d. $6,835.59e. $9,444.50Q9. Sunfresh Markets made a $13,000.00 investment in a compound interest accountpaying 8% compounded monthly. What was the value of its investment at the end of 8months? (Choose the closest answer)a. 12710.00b. 13710.00c. 13860.00d. 14710.00e. 24062.00Q10. The amount of an ordinary $7,500.00 annuity for 3 years at 12% compoundedquarterly is:a. $106,440.00b. $23,182.50c. $180,997.50d. $25,305.00Q11. The sum of the payments of an annuity plus the interest is called the:a. economic sumb. payoff amountc. financial totald. amount of the annuityQ12. What is the value of an annuity due at the end of 15 years of quarterly deposits of$2,000.00 with terms of 8% compounded quarterly?a. $228,102.00b. $232,665.14c. $232,666.08d. $228,120.00Q13. The amount of interest on an ordinary annuity of $11,600.00 for 5 years at 8%compounded semiannually is:a. $23,269.60b. $116,000.00c. $23,296.60d. $139,269.60Q14. An annuity with specific number of payment periods is referred to as a(n):a. contingent annuityb. annuity certainc. annual annuityd. guaranteed annuityQ15. A __________ __________ is used to accumulate a required amount of money by theend of a certain period of time to pay off a financial obligation.a. sinking fundb. compound interestc. present valued. checking accounte. none of the aboveQ16. Payments into a sinking fund are always made when?a. when the funds are availableb. at the end of each periodc. lump sum at the beginning of the sinking fundd. at the beginning of each periode. none of the aboveQ17. An annuity without a specific number of payment periods is termed a(n):a. non-standard annuityb. annual annuityc. contingent annuityd. annuity certainQ18. The difference between the monthly payments on a $95,000.00 mortgage at 5%versus 6% for 25 years is:a. $65.05b. $56.05c. $56.50d. $56.60Q19. The primary mortgage on a home is called the:a. collateralb. real mortgagec. first mortgaged. FNMAQ20. All payments on a mortgage are required to be paid on a __________ basis.a. semiannuallyb. biweeklyc. monthlyd. weeklye. agreedQ21. Points represent:a. monthly paymentsb. a 3 percent up front paymentc. an additional cost of financingd. 2 percent of the amount borrowedQ22. Bill took out a $125,000.00 mortgage on a lake house. The bank charged 2 points atthe closing. The points amounted to:a. $750.00b. $7,500.00c. $2,500.00d. $5,000.00Q23. Brian bought a new ranch style home for $180,000.00. Brian made a 30 percent downpayment. Assuming a rate of 6.5% on a 30 year mortgage, Brian’s monthly payment is:a. $1,783.80b. $1,982.00c. $594.60d. $796.32Q24. Jayne purchased a home for $240,000.00 with a down payment of $48,000.00. Therate of interest was 5-3/4 for 30 years. What was her monthly mortgage payment?a. $962.70b. $2,146.85c. $1,121.28d. $1,850.46e. $1000.00Q25. Land or anything permanently attached to the land is termed:a. real propertyb. FNMAc. collaterald. personal property



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