A friend lends you $830, which you agree to repay with 5% interest. How much will you have to repay? How much of that was interest?

Q: You get a $550,000 mortgage loan with 1¼ points. What dollar amount do you pay for points?

A: One mortgage point equal to 1 % of loan amount.

Q: You have just sold your house for $ 1 comma 100 comma 000 in cash. Your mortgage was originally a…

A: The objective of this question is to find out how much cash will be left after paying off the…

Q: When you purchased your house 4 years ago, you took out a 300000, 30 year FRM loan at 7.5%. You also…

A: Mortgage loans are secured loans and these loans make buying of home easy because paid by equal…

Q: How much would you pay for the right to receive $4, 500 at the end of year 1, $3,500 at the end of…

A: The objective of this question is to calculate the present value of future cash flows. The present…

Q: What was the interest rate on a 3.5-year loan, $1000 loan if the simple interest paid was $297.50?

A: Interest rate = (Total interest / amount) * (1/time)

Q: I need assistance to solve this problem: On September 1, 2018, you bought a car for $23,000. You…

A: Calculation of payoff the loan on November 1, 2020:First it is required to calculate the total…

Q: Your brother lends you $1000 and you promise to repay $1,500. If he wants at least a 5% return on…

A: Future value is the future worth of a cash flow at a certain rate and period of time. Future…

Q: A friend asks to borrow $54 from you and in return will pay you $57 in one year. If your bank is…

A: Future value of an amount is calculated as follows:  FV = PV*(1+r)t Where,  FV = Future value of…

Q: A debtor borrows P7,900 and agrees to pay P9,359 for his debt 3 years & 4 months from now. At what…

A: Given, Future value = FV = P9,359 Present value = PV = P7,900 Number of months = t = 3years 4 months…

Q: A person takes a loan of 200 at 5 % simple interest. He returns 100 at the end of 1 year. In order…

A: Simple interest does not consider the compounding effect.

Q: How much would she pay per month if she is to repay the loan in two years

A: We can determine the monthly payment by using the formula below:In the formula above r = monthly…

Q: You are to receive $ 400,000 exactly 5 years from now. You do not want to wait for the money and…

A: The concept of the time value of money states that the current worth of money is more than its value…

Q: Suppose you loan $10,000 for 1 year to an individual who agrees to pay you interest at a compound…

A: Interest charged on the principal amount and the interest accrued is known as Compound Interest. It…

Q: What is the actuarial rate for a simple loan of $1,500 that requires a repayment of 2,000 in 5

A: In this we have to calculate effective interest rate by use of present and future value.

Q: If you borrow $6,000 for 4 years and agree to pay back $8000, what simple interest rate will you end…

A: Simple interest is the type of interest that is calculated only on the principal amount. Simple…

Q: You borrow $750 from your brother and agree to pay back $850 in 8 months. What simple interest rate…

A: The simple interest rate can be calculated by using the simple interest rate function

Q: If you borrowed money from your friend with simple interest of 8%, how much money did you borrow if…

A: Future value = P 50,000 Annual interest rate = 8% Period = 7 Months

Q: A borrower purchased a $250,000 house with 5 percent down payment taking a mortgage loan for the…

A: Value of Mortgage Loan =$250000×(100-5)%=$237500Coverage of Private Mortgage Insurance Cover =6% of…

Q: Garret just closed a new loan on his 4-unit apartment as follows: Initial loan amount, $1,000,000,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: an 150 000 net proceeds of a loan, how much should I apply for as principal if the bank discounts 5%…

A: The loans are given by the banks are discounted by the banks depending on the policy of bank and it…

Q: Please correct answer and don't use hend raiting

A: If you find this answer good please rate it helpful. If any query then raise it.Thank You!

Q: 2. You are running a bank. A customer agrees to pay you with annual interest rate of 10% for 5…

A: We need to use loan amortization formula to calculate amount of loan Loan amount(P)=PMT1-1(1+i)ni…

Q: lortgage with Points. Home loans sometimes involve "points," which are es charged by the lender.…

A: Loan amount=$100000Two points are charged.Interest rate=1% per monthPeriod=360 months.

Q: Find the interest rates earned on each of the following. Round your answers to the nearest whole…

A: The question is related to rate of interest. Interest rate is calculated with the help of following…

Q: A man buys a house for a $245,000. He pays $70,000 down and takes out a mortgage at 5.1% for 25…

A: Given: The cost of house = $245,000 Down payment on house = $70,000 Mortgage rate = 5.1% Time period…

Q: You lend a friend ​$13,000​, for which your friend will repay you ​$49,591 at the end of 6 years.…

A: Interest rate = (Future value / Present value)^(1/Time) - 1 where, Future value = $49,591 Present…

Q: Charles buys a used car by paying GH¢1500 down and GH¢182.50 a month for 3 years. a. what was the…

A: The total cash price is the sum of down payment and the PV of the annuity payment. Total interest is…

Q: If Greg borrows $140.00 from the bank at 6.5% exact simple interest, how much interest does Greg owe…

A: The simple interest can be computed using the principal amount, the time period, and the interest…

Q: diego took out 3 year loan for 9,000 that has a 14.3 % simple interest     c) How much total…

A: We have to find the total interest that accumulates on a loan.

Q: A friend agreed to lend you money today. You must repay your friend by making payments of $30 per…

A: To solve this problem, first, find the total payment and the present value of the annuity due. Then,…

Q: If your friend borrows $50 on Friday and agrees to pay you back $60 on Monday, what percent interest…

A: As the time period to return the amount is 3 days (saturday, sunday and monday), we need to…

Q: What is the maximum amount Ginger Logan can bonow todaymust be repaid in 17 mordhs with sinple…

A: Simple interest number in the question is illegible. I assume to have taken the correct number…

Q: What is the simple interest rate if Rogine paid an interest of P2,100 after 2 years and 6 months on…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: which formula 2.Jacob borrows $3,000 at 5% exact interest for 540 days. How much does he need to pay…

A: Simple interest is calculated on the principal using the given rate of interest for the required…

Q: A trustworthy friend asks to borrow money from you today. She promises to pay you exactly $3750 in 2…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: Sue borrows $600,000 at 3.85%. The mortgage is for 30 years. A. What is the monthly payment? B. How…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys…

A: Using excel PMT function to calculate size of each payment.

Q: Find the interest rates earned on each of the following. Round your answers to the nearest whole…

A: Interest is the amount paid above the loan amount and is profit for the lender as percentage of…

Q: You want to buy a house for $250,000.  The bank requires a down payment of 25%.  What is the amount…

A: Given: House cost =$250000Down payment =25%