Cathy borrowed $24,000 to buy a new car and expects to pay $400 per month for the next 3 years to pay off the loan. What is the loan's annual rate of interest?
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Cathy borrowed $24,000 to buy a new car and expects to pay $400 per month for the next 3 years to pay off the loan. What is the loan's annual rate of interest?
| m |
| Nper (or N) =n*m |
| Rate (or I/Y)=i/m |
| PV |
| PMT |
| FV |
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- Which formula would you use for each of the following problems? A. I= Prt B. F= P(1 +1)" !! C. P= F(1+1)* 1. How much simple interest will be earned on an $800 deposit in an account that earns 2.3% simple interest per year over a pe- riod of 5 months? 2. Kyrie borrowed $3,000 from her parents to buy some furniture. Her parents will charge her 3.25% simple interest per year. Her parents want the loan repaid in 1.5 years. How much will Kyrie owe her parents in 1.5 years? 3. In a certain town child daycare rates have been rising at the rate of 7% per year compounded annually. If 2 years ago the rate per week was $150, how much would you expect to pay today for one week of daycare? 4. A large corporation has invested $1 million in certificate of de- posits (CD). The CDs py 8% per year compounded semiannu- ally. How much will the CDs be worth in 8 years? 5. Jerry would like to purchase a new car in 4 years. He deposits $3,500 in an account that pays 7% per year compounded monthly. How much…Jessica Jones intention to make a loan from the Citibank to buy property in Edinburgh. Citibank offered her monthly interest rate: 0.8%. She could pay back of £300,000 in 7 years. If you were her banker, please build up for her payment schedule with the clear breakdown in term of interest payment and principal payment in every period by using Goal Seek and IPMT function.Find the interest earned on $5,750 deposited into a savings account for 3 1/2 years at an annual interest rate of 4 1/2% a. What formula should be used? b. What are you trying to find and what variable does it represent in the formula? c. Solve the problem showing all of your work (must show all steps!!) d. Interpet your answer using a complete sentence You may use the box below to upoload a picture of your written explanation or type it out in the box. Use the "mountain" button to add pictures.
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