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What is the periodic interest rate

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Reference no: EM13969843

1. A loan with monthly compounding has an APR of 6%. What is the periodic interest rate?

2. What is the APR of a 30-year, $300,000 mortgage with monthly payments of $2000? Answer in percent and round to two decimal places

3. What is the effective annual rate of a savings account that pays an APR of 5% and compounds quarterly? Answer in percent and round to two decimal places

4. What is the payment on a 60 month, $10,000 car loan with APR of 4%. Round to the penny.

5. In the first payment on a 60 month, $10,000 car loan with APR of 4%, how much pays off the principal? Round to the penny.

6. After making 20 payments on a 60 month, $10,000 car loan with APR of 4%, what is the outstanding balance on the loan? Round to the penny.

Reference no: EM13969843

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