Self-Study Questions
| 1. | Find a financial institution, such as a bank or credit union, which offers both savings accounts and loans. What interest rate do they pay on a typical savings account? What interest rate do they charge for a typical loan? At those interest rates (assume simple interest for this question), if Company A deposits $10,000 for 1 year and the financial institution immediately loans that money to Company B for 1 year, how much money will the institution net over the year on that $10,000? |
| 2. | Queue Co. is lending $2500 to a neighboring business. The loan is for 7 years at 9% simple interest. Assuming the neighboring business repays the entire loan in a single payment at the end of the 7 years, how much money should Queue Co. expect ... |
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