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Pay an effective annual rate

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Your bank tells you that they pay an effective annual rate (EAR) of 6.2% based on monthly compounding. What is the annual percentage rate (APR) being offered?

You are planning to buy a car. The dealer offers you a financing deal where you will pay $800 per month for the next 5 years (first payment one month from now). If the interest rate is 12% per year, what will the car cost you?

Mario just sold his house for $850,000. If he bought the house 20 years ago for $200,000, what annual rate of return did he earn on the investment?

An individual investor faces the highest tax burden from which of the following?

A. $100 of interest income

B. $100 of dividend income

C. $100 of capital gains income

D. A and B, since Interest and dividend income are taxed at the same rate, while capital gains income is taxed at a lower rate

E. A, B, and C, since Interest, dividend, and capital gains income are all taxed at the same rate

Reference no: EM132466259

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