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- What are the characteristics (6)of money?Jackson is paying his current credit card bill. His bill says he had a starting balance of $2,500, an interest charge of $31.25, and a credit of $45 (from his last payment). a. What is the remaining balance on his credit card? b. His credit card company requires him to pay a minimum payment that consists of the current interest charge plus 1% of his balance. What is Jackson's mini- mum payment this month? c. If Jackson makes only this minimum payment, how much of his payment goes towards interest and how much goes towards paying off the balance on the credit card? Give you answer in both dollars and percents. d. What is the remaining balance on his credit card the next month?Question:- Do not use ms excel. solve by using compound interest tabels
- Describe the Financial Functions to determine a Loan's Principal andInterest Payments between two Payment Periods?Round Deposits Required Reserves of 20% Excess Reserves New Loans 50% of loan proceeds are held as currency in circulation by people Loan proceeds redeposited 1 $500 $100.00 $400.00 $400.00 $200.00 $200.00 2 $200 $40 $160 $160 $80 $80 3 $80 $16 $64 $64 $32 $32 4 $32 $6.40 $25.60 $25.60 $12.80 $12.80 5 $12.80 $2.56 $10.24 $10.24 $5.12 $5.12 6 $5.12 $1.02 $4.10 $4.10 $2.05 $2.05 7 $2.05 $.41 $1.64 $1.64 $.82 $.82 8 $.82 $.16 $.66 $.66 $.33 $.33 9 $.33 $.07 $.26 $.26 $.13 $.13 10 $.13 $.03 $.10 $.10 $.05 $.05 Totals $833.25 $166.65 $666.60 $666.60 $333.30 $333.30 Calculate the new money supply. Calculate the money multiplier.On January 1, you deposit $5,000 in a credit union that pays 8% nominal annual interest, compounded quarterly. You wish to withdraw all the money in five equal yearly sums, beginning 31 December of the first year. How much should you withdraw each year? Select one: a. None b. $306 C. $206 d. $406
- TIME SENSITIVE You are considering a generous offer from two banks for your savings account. Bank A is offering an interest rate of 6% p.a. Bank B’s rate is 6% p.a. compounded semiannually. For a deposit amount of $1,000 today, determine: 1.Bank B’s effective semiannual and yearly rates. 2.Your account balance at the end of 5 years for both banks. 3.Which bank you would choose to do business with and why.draw cash flow diagram.13. You signed a 15-year interest swap with annual payments to pay fixed and receive floating. The quote was 4.5-4.7% against LIBOR flat. The principal is 100,000. What is the value of the swap 5 years later if the 15-Y LIBOR is 2% and the 10-Y LIBOR is 3%? (please use a fixed rate to discount the cash flows.) Round to the nearest US cent (2 decimal places).You deposit $3,000 in a bank at an annual interest rate of 7%. What will your bank balance be in 27 years?
- A principal of $20,000 is invested at 6% for 10 years. Determine its future value if the interest is compounded i. Semi-annually (10%) ii. Monthly (10%) iii. Continuously (10%) iv. Explain, using your own words, the different results in (i), (ii), (iii). Explain which one the consumer would prefer, and which one the bank would prefer.Round Deposits Required Reserves of 20% Excess Reserves New Loans None of loan proceeds are held as currency in circulation by people Loan proceeds redeposited 1 $500 $100 $400 $400 0 $400 2 $400 $80 $320 $320 0 $320 3 $320 $64 $256 $256 0 $256 4 $256 $51.20 $204.80 $204.80 0 $204.80 5 $204.80 $40.96 $163.84 $163.84 0 $163.84 6 $163.84 $32.77 $131.07 $131.07 0 $131.07 7 $131.07 $26.21 $104.86 $104.86 0 $104.86 8 $104.86 $20.97 $83.89 $83.89 0 $83.89 9 $83.89 $16.78 $67.11 $67.11 0 $67.11 10 $67.11 $13.42 $53.69 $53.69 0 $53.69 Totals $2231.57 $417.31 $1785.26 $1785.26 0 $1785.26 Calculate the new money supply. (Enter response here.) Calculate the money multiplier.Only typed answer and please don't use chatgpt The maximum amount of dollars created by a deposit of $15,000 and assuming a reserve requirement of 10% would be: $_______ (include the original $10,000) in your answer and please do not include a $ sign in your answer.