Bozo borrowed $15,000 from Ernie due in 5 years at 6% compounded monthly. Immediately after the debt is contracted, Ernie sells the note to Max for an amount based on 5% compounded monthly. How much does Ernie receive?
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- Bozo borrowed $10,000 from Ernie due in 4 years at 6% compounded monthly. Immediately after the debt iscontracted, Ernie sells the note to Max for an amount based on 5% compounded monthly. How much does Erniereceive? TVM FORMULASangeeta borrows $4600 from Sam for 9 year(s) at 11.25% compounded quarterly. Then, 3 year(s) before maturity, Sam sells the note to Bill who discounts it based on 12.75% compounded monthly. How much did Bill pay Sam for the note?Candace borrows $4000 from Nick due in 10 years with simple interest at 8% monthly. Two years after the debt is contracted, Nick sells the note for an amount based on 10% monthly. What are the proceeds?
- Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Allan borrows $2260 from his uncle. Two years later, he borrows another $1490. If his uncle charges him 8.8% interest compounded annually, how much does Allan owe 9 years after the first loan? Allan owes his uncle a total of $ _______.Freddy agreed to make quarterly payments of $781.25 for 4 years on a loan of $10,000. What simple interest rate is he paying?
- Fred owes $10,000 due in three years and $5,000 due in ten years. Fred is allowed to pay off both loans after four years at 9% simple interest. How much does Fred pay?1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?Fred owes $12000 due in two years and $8,000 due in twelve years. Fred is allowed to pay off both loans after six years at 8% compounded annually. How much does Fred pay?
- Jimmy buys a piece of property worth $90454, Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer:Erica borrowed money from Charles an amount of 58,744 and promise to pay at the end of second and fourth year at a simple interest rate of 15.198%. The second payment is 30% more than the first one. How much is the first payment? How much is the second payment?Candace borrows $4000 from Nick due in 10 years with simple interest at 8% monthly. Two years after the debt is contracted, Nick needs money. So, he sells the note to a random stranger on the street (To Nick’s defense, the stranger had cash.) for an amount based on 10% monthly. What are the proceeds?
