Fraction of payment made at the end of the second year

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Reference no: EM131817924

1. RTS bank pays 8 percent interest, compounded quarterly, on its money market account. The managers of WXZ Bank want its money market account to equal to Bank RTS’s effective annual rate, but interest is to be compounded on a monthly basis. What nominal, or quoted rate must Bank WXZ set?

7.880%

8.000%

7.915%

8.073%

7.947%

2. DMR company is planning to borrow $10,000,000 on a 5-year, 15%, annual payment, fully amortized term loan. What fraction of the payment made at the end of the second year will represent repayment of principal?

51.8%

57.2%

44.1%

48.0%

54.5%

Reference no: EM131817924

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