Question

In: Finance

Use the APY formula required by the Truth in Savings Act for the following calculation: Suppose...

Use the APY formula required by the Truth in Savings Act for the following calculation:

Suppose that a customer holds a savings deposit in a savings bank for a year. The balance in the account stood at $2,000 for 180 days and $100 for the remaining days in the year.

If the Savings bank paid this depositor $8.50 in interest earnings for the year, what APY did this customer receive?

Solutions

Expert Solution

jeff jeffy answered 8 months ago
Next > < Previous

Related Solutions

Suppose that, prior to the passage of the Truth in LendingSimplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z, the demand for consumer loans was given by Qdpre-TILSA = 12 -100P (in billions of dollars) and the supply of consumer loans by credit unions and other lending institutions was QSpre-TILSA = 5 + 100P (in billions of dollars). The TILSA now requires lenders to provide consumers with complete information about the rights and responsibilities of entering into a lending relationship with the institution,...
Why should a person use APY instead of interest rate when comparing savings accounts?
Why should a person use APY instead of interest rate when comparing savings accounts?
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z, the demand for consumer loans was given by Qdpre-TILSA = 14 -90P (in billions of dollars) and the supply of consumer loans by credit unions and other lending institutions was QSpre-TILSA = 6 + 70P (in billions of dollars). The TILSA now requires lenders to provide consumers with complete information about the rights and responsibilities of entering into a lending relationship with the institution,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z, the demand for consumer loans was given by Qdpre-TILSA = 14 -90P (in billions of dollars) and the supply of consumer loans by credit unions and other lending institutions was QSpre-TILSA = 6 + 70P (in billions of dollars). The TILSA now requires lenders to provide consumers with complete information about the rights and responsibilities of entering into a lending relationship with the institution,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z, the demand for consumer loans was given by Qdpre-TILSA = 10 -80P (in billions of dollars) and the supply of consumer loans by credit unions and other lending institutions was QSpre-TILSA = 4 + 80P (in billions of dollars). The TILSA now requires lenders to provide consumers with complete information about the rights and responsibilities of entering into a lending relationship with the institution,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z, the demand for consumer loans was given by Qdpre-TILSA = 6 -100P (in billions of dollars) and the supply of consumer loans by credit unions and other lending institutions was QSpre-TILSA = 5 + 100P (in billions of dollars). The TILSA now requires lenders to provide consumers with complete information about the rights and responsibilities of entering into a lending relationship with the institution,...
Use the savings plan formula to answer the following question. Your goal is to create a...
Use the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 6%. How much should you deposit monthly to accumulate ​$83,000 in
QUESTION13 he required return is 8.9​% APY​ (EAR). You expect the following cash flows to be...
QUESTION13 he required return is 8.9​% APY​ (EAR). You expect the following cash flows to be received in the years​ indicaed:  negative 1680 ​today, 1950 in year 1​, negative 841 in year 3​, and 1027 in year 4. What is the combined present value of all of these cash​ flows, that​ is, what is their net present​ value? ​ (Rounded to the nearest 10​ cents.) nothing What is their combined value at time 3​? ​ (Rounded to the nearest 10​...
Construct the truth-table for the following propositional formulas. In each case, explain whether the formula is...
Construct the truth-table for the following propositional formulas. In each case, explain whether the formula is a tautology, a contradiction, or neither. (Explain how you arrive at this conclusion.) (a) ¬((p → ¬p) → ¬p) (b) (p → (q ∧ r)) → (¬r → ¬p) (c) (p → ¬q) → ¬(¬p → q)
use truth tables to determine whether or not the following arguments are valid: a) if jones...
use truth tables to determine whether or not the following arguments are valid: a) if jones is convicted then he will go to prison. Jones will be convicted only if Smith testifies against him. Therefore , Jones won't go to prison unless smith testifies against him. b) either the Democrats or the Republicans will have a majority in the Senate. but not both. Having a Democratic majority is a necessary condition for the bill to pass. Therefore, if the republicans...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT