Drill Problem 10-13 (Algo) [LU 10-3 (1)]GivenPrincipal $10,000, Interest Rate 8%, Time 240 days (use ordinary interest)Partial payments: On 100th day, $4,800; On 180th day, $2,900a. Use the U.S. Rule to solve for total interest cost.Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.Total interest costb. Use the US. Rule to solve for balances.Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.On 100th dayOn 180th dayBalance after the paymentc. Use the U.S. Rule to solve for final payment.Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.Final payment13

Interest is the amount charged by bank in consideration of advancing loan to its borrowers. It is…

Answered: Given Principal $10,000, Interest Rate…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Drill Problem 10-13 (Algo) [LU 10-3 (1)] Given Principal $8,000, Interest Rate 7%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $3,400; On 180th day, $2,300 a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round y Total interest cost b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round y On 100th day On 180th day Balance after the payment
Given Principal $21, 000, Interest Rate 11%, Time 240 days (use ordinary interest) On 100th day, $8,000 On 180th day, $4,500 Partial payments: a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost %24 b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) On 100th day On 180th day Balance after the payment 2$ 24 c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment %24 5 of 14 Next > < Prev
Given Principal $21, 000, Interest Rate 11%, Time 240 days (use ordinary interest) On 100th day, $8,000 On 180th day, $4,500 Partial payments: a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost %24 b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) es On 100th day On 180th day Balance after the payment 24 %24 c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment $4 hp
Given Principal $18,000, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $7,600 On 180th day, $4,300 a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost Balance after the payment $ b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. 768.52 Final payment On 100th day On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. |
Principal $10,000, Interest Rate 89%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $4,000 On 180th day, $2,000 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost $ b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) On 100th day On 180th day Balance after the payment $ c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final payment $
Given Principal $13,500, Interest Rate 9%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $3,800; On 180th day, $2,500 a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost c b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. Balance after the payment Final payment On 100th day On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.
Given Principal $ 13,000, Interest 5%, Time 240 days (use ordinary interest) Partial Payments: On 100th day, $ 6,800 On 180th day, $ 3,900 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total Interest Cost b. Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) On 100th day On 180th day Balance after the Payment c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Final Payment
Given Principal: $8,000, 7%, 240 days Partial payments: On 100th day, $3,400 On 180th day, $2,300 a. Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) Total interest cost b. Use the U.S. Rule to solve for principal balances. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent.) Balance after the payment On 100th day Final payment On 180th day c. Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)
Drill Problem 15-4 (Algo) [LU 15-1 (3)] Use the following amortization chart: Selling price of home $ 88,000 Down payment $ 6,000 Principal (loan). $ 82,000 Rate of interest 6.0% Total cost of interest Answer is complete but not entirely correct. 95,120 Years 30 Payment per $1,000 $ 5.9955 What is the total cost of interest? Note: Do not round Intermediate calculations. Round your answer to the nearest whole dollar. Monthly mortgage payment $ 491.63
a. Use the U.S. Rule to solve for total interest cost. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Total interest cost b. Use the U.S. Rule to solve for balances. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest cent. Balance after the payment On 100th day Final payment On 180th day c. Use the U.S. Rule to solve for final payment. Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. 5001 T 200
Drill Problem 15-2 (Algo) [LU 15-1 (2)] Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 94,000 $ 4,000 6.0 % 30
Given Principal $10,000, Interest Rate 8%, Time 240 days (use ordinary interest) Partial payments: On 100th day, $4,000 On 180th day, $2,000 a. Use the U.S. Rule to solve for total interest cost

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