Determine the periodic interest rate

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Problem 1: A computer assembly company received a loan of $29,000 to purchase a conveyer belt. If the debt accumulated to $46,880 in 4 years, calculate the nominal interest rate compounded daily.?

Problem 2: What amount invested today will amount to $13,689.10 in two years if the interest rate is 5.30% compounded monthly for the first year and 6.00% compounded daily for the second year?

Problem 3: A bank in Nova Scotia offers a return of 5.50% compounded quarterly on investments in savings accounts. What nominal interest rate compounded daily will provide the same financial benefit?

Problem 4: Given a 3-year loan with a rate of 3.00% compounded semi-annually, determine

a. Number of compounding periods per year

b. Periodic interest rate.

c. Term of the loan.

d. Number of compounding periods for the term of the loan.

Reference no: EM132802233

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