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    Harvard university
    Feb-1997 - Aug-2003

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    Strayer University
    Jan-2007 - Present

Category > Economics Posted 22 Jun 2017 My Price 10.00

Student Emergency Financial Services

4.4. Student Emergency Financial Services, Inc., which makes small
loans to college students, offers to lend $550. The borrower is required
to pay $42 at the end of each week for 16 weeks. Find the interest rate
per week. What is the nominal interest rate per year? What is the
effective interest rate per year? GIVENS
DETERMINE
ANALYSIS
CONCLUSION 4.69. A lender requires that monthly mortgage payments be no more
than 25% of gross monthly income with a maximum term of 30 years.
If you can make only a 15% down payment, what is the minimum
monthly income needed to purchase a $300,000 house when the
interest rate is 6% compounded monthly? GIVENS
DETERMINE
ANALYSIS
CONCLUSION 4.34. You have a habit of drinking a cup of Starbucks coffee ($3.75 a
cup) on the way to work every morning. If instead you put the money
in the bank for 30 years, how much would you have at the end of that
time, assuming that your account earns 5% interest compounded
daily? Assume also that you drink a cup of coffee every day, including
weekends. GIVENS
DETERMINE
ANALYSIS
CONCLUSION 4.55. How much money would be accumulated in 10 years for a
deposit of $10,000 made at the end-of-year zero if the account earned
interest at 6% per year for the first three years, 9% per year for the
next four years, and 7% per year for the last three years? GIVENS
DETERMINE
ANALYSIS
CONCLUSION 4.83. You borrow $120,000 with a 30-year term at a 9% (APR) variable
rate and the interest rate can be changed every five years.
(a) What is the initial monthly payment? (b) If the lender's interest rate is 9.75% (APR) at the end of five
years, what will the new monthly payments be? GIVENS
DETERMINE
ANALYSIS
CONCLUSION

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SuperTutor
(15)
Status NEW Posted 22 Jun 2017 05:06 AM My Price 10.00

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