1 Exampromax - Stuvia US 2025/2026
MGF 1107 Questions and Answers (100%
Correct Answers) Already Graded A+
What is the future value for a loan of $788 at 10.78% simple interest over a
period of 5 years?
Ans: Simple interest
How much money is in a savings account after 6 years if the principle is
$155 and the nominal annual interest rate is 2.13% compounded monthly?
Ans: Compound interest
© 2025 Assignment Expert
Suppose that after 6 years you want to have $2600 in an account that pays
4.40% compounded monthly. How much should you deposit now in order
Exampromax - Stuvia US
to achieve your goal?
Ans: Compound interest (future)
What is the annual percentage yield if the nominal annual interest rate is
4.72% compounded monthly?
Ans: APY
Find the daily interest rate if the annual interest rate for a credit card is
18.45%.
Ans: Daily interest rate
Suppose a credit card company determines the finance charge by
calculating the simple interest on the average daily balance using the daily
interest rate. If your average daily balance during a 30-day billing cycle was
$564 and the annual interest rate is 9.71%, what is your finance charge?
Ans: Finance charge
Find the monthly payment for a 5 year auto loan where the amount
borrowed is $17000 and the nominal annual interest rate is 6.63%
compounded monthly.
Ans: Monthly loan payment
MGF 1107 Questions and Answers (100%
Correct Answers) Already Graded A+
What is the future value for a loan of $788 at 10.78% simple interest over a
period of 5 years?
Ans: Simple interest
How much money is in a savings account after 6 years if the principle is
$155 and the nominal annual interest rate is 2.13% compounded monthly?
Ans: Compound interest
© 2025 Assignment Expert
Suppose that after 6 years you want to have $2600 in an account that pays
4.40% compounded monthly. How much should you deposit now in order
Exampromax - Stuvia US
to achieve your goal?
Ans: Compound interest (future)
What is the annual percentage yield if the nominal annual interest rate is
4.72% compounded monthly?
Ans: APY
Find the daily interest rate if the annual interest rate for a credit card is
18.45%.
Ans: Daily interest rate
Suppose a credit card company determines the finance charge by
calculating the simple interest on the average daily balance using the daily
interest rate. If your average daily balance during a 30-day billing cycle was
$564 and the annual interest rate is 9.71%, what is your finance charge?
Ans: Finance charge
Find the monthly payment for a 5 year auto loan where the amount
borrowed is $17000 and the nominal annual interest rate is 6.63%
compounded monthly.
Ans: Monthly loan payment
