What’s the loan effective annual rate

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Reference no: EM131953047

1. A loan is offered with monthly payments and a 11.50 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

2. What is the present value of a $3,000 deposit in year 1 and another $3,500 deposit at the end of year 5 if interest rates are 6 percent?

3. Compute the future value of $1,000 at a 6 percent interest rate after two different lengths of time. Use 6 and 10 years into the future.

Reference no: EM131953047

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