ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Directions: Looking at the chart below, calculate the monthly interest rate and monthly interest
owed on a $5,000 loan for each of the options below.
Monthly Interest
(loan amount *
monthly rate)
Amount
Financial
Monthly Rate
(APR/12)
Borrowed
APR/APY
Institution
$1,000
$1,000
$1,000
$1,000
$1,000
Bank Loan
5%
Credit Union Loan
3%
Credit Card
11%
Pay Day Loan
18%
Title Pawn Loan
21%
Part III: Simple v Compound Interest
Directions: Use the given scenario to complete the questions.
Simple Interest Scenarios:
1. Abigail is saving $1,000 at 4% interest for 3 years, calculated as simple interest. At the end
of the three years, how much interest will she have earned?
2. Elijah is borrowing $10,000 at 3.5% interest for 10 years, calculated as simple interest. At
the end of the ten years, how much will he owe?
3. Adeline is saving $5,000 at 2.05% interest for 5 years, calculated as simple interest. At the
end of the five years, how much will she have in total?
4. Santiago is borrowing $9,000 at 8% interest for 4 years, calculated as simple interest. At the
end of the four years, how much will he owe?
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Transcribed Image Text:Directions: Looking at the chart below, calculate the monthly interest rate and monthly interest owed on a $5,000 loan for each of the options below. Monthly Interest (loan amount * monthly rate) Amount Financial Monthly Rate (APR/12) Borrowed APR/APY Institution $1,000 $1,000 $1,000 $1,000 $1,000 Bank Loan 5% Credit Union Loan 3% Credit Card 11% Pay Day Loan 18% Title Pawn Loan 21% Part III: Simple v Compound Interest Directions: Use the given scenario to complete the questions. Simple Interest Scenarios: 1. Abigail is saving $1,000 at 4% interest for 3 years, calculated as simple interest. At the end of the three years, how much interest will she have earned? 2. Elijah is borrowing $10,000 at 3.5% interest for 10 years, calculated as simple interest. At the end of the ten years, how much will he owe? 3. Adeline is saving $5,000 at 2.05% interest for 5 years, calculated as simple interest. At the end of the five years, how much will she have in total? 4. Santiago is borrowing $9,000 at 8% interest for 4 years, calculated as simple interest. At the end of the four years, how much will he owe?
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