The final values of the loan would be:
- The cost of the payment for each month is: $ 138.88 + $ 16.66 = $ 155.54 (interest)
- The total cost of interest is: $ 600 = $ 200 × 3 years.
- The total cost of the loan is $ 5000 + $ 600 = $ 5600 (3-year interest)
<h3>What is the APR?</h3>
APR is an acronym for the percentage interest rate on a loan that a bank charge for each year that the loan is repaid. According to the above, in a loan of $ 5000, we must pay 3 times the 4% because the payment will be made within 3 years.
To know the value of the interest on the loan we must divide the value of the loan by 100 and multiply the result by 4 as shown below:
- $ 5000 ÷ 100 = $ 50
- $ 50 × 4 = $ 200
According to the above, the value of the interest is $ 200. To know the total value of the interest we must multiply $ 200 by the years that we are going to pay the loan as shown below:
Finally, to know how much we must pay each month we must divide the total value of the loan by the number of months that we are going to pay the loan. On the other hand, we must divide the total value of the interest by the number of months that we are going to pay the loan and add it to the total value of each month as shown below:
- $ 5000 ÷ 36 = $ 138.88
- $ 600 ÷ 36 = $ 16.66
- 138.88 + $ 16.66 = $ 155.54
Learn more about APR in: brainly.com/question/8846837
Answer:
The given statement is false.
Explanation:
A decrease in the market demand will cause the demand curve to shift to the right. While a decrease in the supply will cause the supply curve to shift to the left.
The market equilibrium price is determined by the intersection of demand and supply. The price, as a result, will increase. The extent of increase in price depends on the magnitudes of change in demand and supply.
The change in equilibrium quantity, however, in this case, is unpredictable without knowing the extent of changes in demand and supply.
Answer:
The equivalent interest rate under continuous compounding is 5.8%
Explanation:
Annual compounding
A = P(1+r)^n
P = $1,000
r = 6% = 0.06
n = 1 year
A = 1000(1+0.06)^1 = 1000(1.06) = $1060
Continuous compounding
A = Pe^rt
A = $1060
P = $1000
t = 1 year
1060 = 1000e^r
e^r = 1060/1000 = 1.06
e^r = 1.06
r = ln 1.06 = 0.058 = 5.8%
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Six years ago, Angie invested $50,000 that she inherited from her grandfather into a growth stock mutual fund. Each share of the fund cost $22/share. Yesterday, she perused a mutual fund quote on the Internet. The quotation showed (1) Year To Date Return; (2) Yield; (3) Net Asset Value; (4) Previous Close. Which of these will provide her with an indication of the present price per share she can expect to realize if she calls her broker tomorrow morning and asks her to sell the shares? Group of answer choices:
Answer:
Six years ago, Angie invested $50,000 that she inherited from her grandfather into a growth stock mutual fund. Each share of the fund cost $22/share. Yesterday, she perused a mutual fund quote on the Internet. The quotation showed - Net Asset Value (Option 3).
Explanation:
The Net Asset Value (NAV) reveals the market price for a share of Angie's mutual fund. It is calculated each evening at the close of the trading day. All other shares purchased the following day are traded at the Net Asset Value, calculated the night before and the prices of mutual funds do not fluctuate during the day.
Thus, option 3 is the correct answer choice.
