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- A design studio received a loan of $9,400 at 5.90% compounded monthly to purchase a camera. If they settled the loan in 2 years by making monthly payments, construct the amortization schedule for the loan and answer the following questions. a. What was the payment size? Round to the nearest cent K SUBMIT QUESTION SAVE PROGRESS SUBMIT ASSIGNMENT 12°C Partly sunny ENG 10:03 8/5/26. A loan of $2500 is taken out on May 12. It is to be paid back within a 1-year period with partial payments of $1000 on August 26, $40 on November 19, and $350 on January 9. If the rate of interest is 8%, what is the final balance due on March 20 by the Declining Balance Method? By the Merchant's Rule? Discount Dat-The local bank is currently offering a new investment product, where deposits earn interest according to the following scheme: A ● An interest rate of r is applied on the 15th day of each month. ● A bonus interest rate of t is applied on the 30th day of every odd month. (These are the months of January, March, May, July, September, and November.) 1. Suppose that you want to deposit an amount of I dollars into the account twice: on January 1 and August 1 in 2023. If you want the value of your investment to be S by April 30, 2024, express in terms of S, r, and t. (Note that r and t are not APRs.) 2. What is the effective annual rate of the above compounding scheme?
- The local bank is currently offering a new investment product, where deposits earninterest according to the following scheme:• An interest rate of r is applied on the 15th day of each month.• A bonus interest rate of t is applied on the 30th day of every odd month. (Theseare the months of January, March, May, July, September, and November.)1. Suppose that you want to deposit an amount of P dollars into the account twice:on January 1 and August 1 in 2023. If you want the value of your investment tobe S by April 30, 2024, express P in terms of S, r, and t.(Note that r and t are not APRs.)2. What is the effective annual rate of the above compounding scheme?Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.9%. The itemized billing for the month of August is shown below The average daily balance has already been computed and is $2739.52. (a) Find the interest due for this month. $ (b) Find the total balance owed on the last day of the billing period. $ (c) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $When $8,600 is invested in a savings account paying simple interest for the year, the interest, i in dollars, can obtained from the equation i=8,600r, where r is the rate of interest in decimal form. Graph i=8,600r, for r up to including a rate of 16%. If the rate is 7%, how much interest is earned? OA. $6,020 OB. $602 O C. $586 OD. $622 I
- Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $400 balance, 15%, $50 payment (a) previous balance method $ 5 (b) adjusted balance method $ 4.5623 (c) average daily balance method $ 52.19173973XFind the new balance, assuming that the bank charges 1 1/2 % per month on the unpaid balance. (Round your answer to the nearest cent.) PreviousBalance Payment NewPurchases $134.31 $45 $73.98 $18.Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,100 10.4 days $225 Days?
- 3. A loan of $500 at 7% annual interest rate. The loan was made on March 15 and due on Мay15. Find the ordinary interest using: a) Ordinary time b) Exact time c) Find the Exact Interest using exact time a. I= 500 x 0.07/360 x 60 = $5.831 = 500(É b. I= 500 x 0.07/360 x 61 = $5.93 - c. I= 500 x 0.07/365 x 61 = $5.811.A credit card holder purchased an item P6,000 on credit with a monthly interest rate of 3% and 5% minimum monthly payment rate. After 6 months, how much is the remaining balance?16. Jefferson Bank made a loan at 7% interest for 236 days. If the amount of interest was $298.28, use the ordinary interest method to find the amount of principal (in $) borrowed. (Round your answer to the nearest dollar.)