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Compound Interest
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Question
For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is 8.4
Options
A. 1
B. 2
C. 3
D. 4
Correct Answer
1
Explanation
m=j/i
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Compound Interest problems
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1. For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is 4.2
Options
A. 1
B. 2
C. 3
D. 4
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Correct Answer: 2
Explanation:
i=j/m
2. Calculate the periodic interest rate corresponding to 9.5% compounded monthly
Options
A. 0.7916
B. 0.8916
C. 0.9916
D. 0.6916
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Correct Answer: 0.7916
Explanation:
i=j/m
3. Calculate the periodic interest rate corresponding to:9.0% compounded quarterly
Options
A. 3.45
B. 2.25
C. 5.25
D. 6.25
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Correct Answer: 2.25
Explanation:
i=j/m
4. A loan is made for $4800 with an APR of 12% and payments made monthly for 24 months. What is the payment amount? What is the finance charge?
Options
A. 622.80
B. 522.80
C. 322.80
D. 632.80
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Correct Answer: 622.80
5. A loan is made for $3500 with an interest rate of 9% and payments made annually for 4 years. What is the payment amount?
Options
A. 8906
B. 1089
C. 1070
D. 1080.34
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Correct Answer: 1080.34
Explanation:
A=R[(1+i)^n-1]/i(1+i)^n
6. For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is:2.1
Options
A. 1
B. 2
C. 3
D. 4
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Correct Answer: 4
Explanation:
i=j/m
7. For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is:0.7
Options
A. 9
B. 10
C. 11
D. 12
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Correct Answer: 12
Explanation:
i=j/m
8. Determine the nominal rate of interest if: The periodic rate is 0.83% per month
Options
A. 7%
B. 8%
C. 9%
D. 10%
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Correct Answer: 10%
Explanation:
j=mi
9. Other things being equal, would an investor prefer an interest rate of 10.5% compounded monthly or 11% compounded annually for a two-year investment?
Options
A. 1232
B. 1243
C. 1254
D. 1262
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Correct Answer: 1232
Explanation:
i=j/m
FV= PV(1+ i)^n
10. If an investment can earn 4% compounded monthly, what amount must you invest now in order to accumulate $10,000 after 3 years?
Options
A. 8695.61
B. 6786
C. 3478
D. 4092
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Correct Answer: 8695.61
Explanation:
i=j/m
PV = FV (1+ i)^-n
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