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1. A man has a loan of 50,000 in a bank that gives 12% simple interest. How much is the interest if he plans to pay after 5 years?
2. A man can save 10,000 per month for 2years, If the bank offers 5% compounded monthly, what is n?
3. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly? If he plans to pay after 6months, how much is the interest?
4. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. How much will he pay quarterly for 5 years if he start paying on the day of his loan?
5. A man has a loan of 50,000 in a bank that gives 12% simple interest. If he plans to pay after 6months, what is t?
6. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly? If he plans to pay after 6months, what is n?
7. A man has a loan of 50,000 in a bank that gives 12% simple interest. If he plans to pay after 6months, what is r (in decimal form)?
8. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded semiannually? If he plans to pay after 6months, what is n?
9. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded semiannually? If he plans to pay after 6months, how much is the interest
10. A man can save 10,000 per month for 2years, If the bank offers 3% compounded monthly, what is r in decimal form?
11. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded monthly. if he can only pay 1500 every month, how many payments will he make?
12. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded monthly? If he plans to pay after 6months, what is n?
13. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded semiannually? If he plans to pay after 6months, what is t (in fraction form NOT in simplest form)?
14. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. How much will he pay every 3 months for 5years?
15. A man can save 10,000 per month for 2years, how much will his money be if the bank offers 5% compounded monthly?
16. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded annually. How much will he pay yearly for 5years?
17. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly? If he plans to pay after 6months, how much is the interest?
18. A man has a loan of 50,000 in a bank that gives 12% simple interest. If he plans to pay after 6months, how much will he pay?
19. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. He plans to pay every 3months for 5 years. what is r in decimal form?
20. A man has a loan of 50,000 in a bank that gives an interest rate of 12% compounded quarterly. He plans to pay every 3months for 5 years. what is n?
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- Suppose you invest $200 a month for 6 years into an account earning 9% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 20 years. How much will you have in the end? $ Suppose instead you didn't invest anything for the first 6 years, then deposited $200 a month for 20 years into an account earning 9% compounded monthly. How much will you have in the end?arrow_forwardSuppose you borrowed $1,000 from the bank and the rate of interest was 5%. What would the simple interest be if the amount is borrowed for 1 year? Suppose you deposit $4,000 at a bank at a simple interest rate of 7.5% per year. How much money will you have in the bank after 10 years? Question 2: The following questions are related to Compounded Interest: You deposit $2000 in an account earning 3% interest compounded monthly. How much will you have in the account in 20 years? How much interest will you earn? How much would you need to deposit in an account now in order to have $6,000 in the account in 8 years? Assume the account earns 6% interest compounded monthly.arrow_forwardA man buys a car for $34,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $900 for 36 months, how much must he put down? (Round your answer to the nearest cent.)$ _____arrow_forward
- Suppose you want to buy a $159,000 home. You found a bank that offers a 30-year loan at 3.3% APR. What will be your monthly payment? (Round to the nearest cent.) How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) $ Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) $ How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) $ How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.) $arrow_forwardA man plans to take a vacation in 4 years. He wants to buy a certificate of deposit for $1200 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1700 for the trip? Assume that the interest on the loan is computed using simple interest The rate he must obtain is ___%arrow_forwarda. You need $17,000 in five years but you only have $12,000 now. At what interest rate must you invest the money assuming the interest is compounded annually? b. You have a $20,000 note payable which is due in three years. How much money must you put into a savings account today in order to have enough money to pay off the debt on time assuming your savings account earns 3% interest compounded annually? c. You put $2,750 into an account earnings 4% interest compounded QUARTERLY. How much will be in this account at the end of 4 YEARS? d. In question “b." above, if you leave he money in the account for one more YEAR, how much more interest will you earn in that additional year (Year 5)? e. How long will it take to double $2,000 to $4,000 assuming you invest the $2,000 into an account earning 7% interest compounded annually?arrow_forward
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