1what is the effective annual rate of a savings account, Ask an Expert

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1.What is the effective annual rate of a savings account that pays an APR of 6% and compounds quarterly? Answer in percent and round to two decimal places.

2. In the first payment on a 60-month, $10000 car loan with APR of 2.89%, how much pays off the principal? Round to the penny.

3. After making 40 payments on a 60-month, $10000 car loan with APR of 3%, what is the outstanding balance on the loan? Round to the penny.

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Financial Management, Finance

Category:- Financial Management
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