A student borrows $55,000 for business school at 5.5% stated annual interest with equal monthly payments over 8 years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. How much is the monthly payment

Nominal gross domestic producta. is a measure of the overall level of pricesb. measures the value of final goods and services produced within the borders of a given country during a given time period using current pricesc. measures the value of final goods and services produced within the borders of a given country during a given time period corrected for changing pricesd. only changes when the level of output changes

Chester has a credit score of 595 according to the following table his credit rating is considered to be which of these

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances