I need help with these two question 9) Find the effective rate corresponding to the given nominal rate. (Use a 365-day year. Round your answer to two decimal places.) 2%/year compounded quarterly %/year 10)Suppose payments will be made for 9 1/4years at the end of each month from an ordinary annuity earning interest at the rate of 2.25%/year compounded monthly. If the present value of the annuity is $43,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.)

I need help with these two question 9) Find the effective rate corresponding to the given nominal rate. (Use a 365-day year. Round your answer to two decimal places.) 2%/year compounded quarterly %/year 10)Suppose payments will be made for 9 1/4years at the end of each month from an ordinary annuity earning interest at the rate of 2.25%/year compounded monthly. If the present value of the annuity is $43,000, what should be the size of each payment from the annuity? (Round your answer to the nearest cent.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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