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slega [8]
3 years ago
12

Andy deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Barb also deposited $3,000

this morning into an account that pays 5 percent interest, compounded annually. Andy will withdraw his interest earnings and spend it as soon as possible. Barb will reinvest her interest earnings into her account. Given this, which one of the following statements is true?
​- Barb will earn more interest the second year than Andy.
- ​Andy will earn more interest in year three than Barb will.
​- Barb will earn more interest the first year than Andy will.
- Andy will earn compound interest.
- After five years, Andy and Barb will both have earned the same amount of interest.
Business
1 answer:
iogann1982 [59]3 years ago
3 0

Answer:

The correct answer is Barb will earn more interest the second year then Andy.

Explanation:

Bank interest is the money that is obtained or paid for the temporary transfer of capital. Its classification is by remunerative interest, or by default interest. And as for its operation, it is important to mention that the economic amount of interest, to be paid or collected, is given by market rules, since there is no legal limitation on them.

The interest rate will be conditioned by the market itself. For example, the interest we pay to our bank for any loan or credit operation is determined by the market interest rates taken as a reference, for example the Euribor and by the guarantees provided in our loan. A fully secured loan (mortgage for example) is much cheaper than another that has few guarantees.

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8 0
3 years ago
Janie has a joint account with her mother with a balance of $562,000. Based on $250,000 of Federal Deposit Insurance Corporation
vaieri [72.5K]

Answer:

$31,000

Explanation:

Given:

Janie holds joint account with her mother that has a balance of $562,000. They are covered up to $250,000 each under Federal Deposit Insurance Corporation.

It is assumed by FDIC that all co-owners' shares are equal.

So, Janie's share in the balance = 562,000 ÷ 2

                                                       = $281,000

Amount insured = $250,000

Uninsured amount = 281,000 - 250,000

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Therefore, Janie's savings worth $31,000 will not be covered by deposit insurance.

4 0
3 years ago
a buyer has made an earnest money deposit of $6,500 on a house selling for $112,500. a lender has agreed to lend 85 percent of t
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The  additional cash must the buyer bring to closing is $14,750

What is the total cash required by the buyer at closing?

The total cash required by the buyer at closing is the buyer's closing costs plus down payment which is 15% of the house selling price.

The down payment required is 15% because the lender has agreed to lend 85% of the asset value as the mortgage, hence, down payment is computed thus:

down payment=15%*$112,500

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total cash needed=$16,875+$4,375

total  cash needed=$21,250

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additional cash required=$14,750

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1 year ago
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3 years ago
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a shortage exists when the . a.) quantity supplied is greater than the quantity demanded b.) quantity demanded is greater than t
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A shortage exists when the quantity demanded is greater than the quantity supplied.

<h3>What is shortage ?</h3>
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4 0
1 year ago
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