Lynn Ally owner of a local Subway Shop, loaned $49,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 7 years with 10% interest compounded semiannually. How much will Lynn receive at the end of 7 years?
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- A grandfather agrees to start contributing $2,500.00 to an educational savings account starting with the 8th birthday of his granddaughter. His last payment is on her 18th birthday at which point she starts a 4 year college program. How much can she afford drawing from this account at the end of each study year until she graduates? The account makes 5.5% per year.Lorna Ray, owner of a Starbucks franchise, loaned $40,000 to Lee Reese to help him open a new flower shop online. Lee plans to repay Lorna at the end of 5 years with 4% interest compounded semiannually. How much will Lorna receive at the end of 5 years?Jane Joy, owner of the Clock Shop, loaned $12,000 to Carol Miller to help her open an Art Shop. Carol plans to repay Jane at the end of 7 years with 6% interest compounded quarterly. How much will Jane receive at the end of 7 years?
- Mrs. Maria Alading borrowed 20,000 pesos from her friend Ms. Petra Hausen to pay the tuition fee of her son. How much money will she pay Mrs. Hausen after a year, if an annual simple interest rate of 12 % is asked?Jim wants to deposit an amount anually to meet his retirement needs. Assume that he will deposit a fixed annual amount for the next 20 years into a retirement savings account, starting one year from now. Mark has a son who will be attending college and plans to make 5 withdrawals (starting one year after making his final deposit into the retirement account) of $35,000 each to pay for his annual tuition for the following 5 years. Commercial Banks will be paying 6 percent on such retirement accounts for the next 25 years. How much should Mark place in the account annually to cover his retirement needs.Lorna Ray, owner of a Starbucks franchise, loaned $40,000 to Lee Reese to help him open a new flower shop online. Lee plans to repay Lorna at the end of 5 years with 4% interest compounded semiannually. How much will Lorna receive at the end of 5 years? (Round your answer to the nearest cent.)
- Maria wants to attend Clarke University. She will need $90,000 eight years from today. Assume Maria's bank pays 6% interest compounded semiannually. What must Maria deposit today to have $90,000 in eight years? verify your answer.Emma plans to loan $1,000 to her friend, who will pay a simple interest rate of 5.8% every year for the loan. If no payments are made and no further borrowing occurs between them for 13 years, then how much money will Emma' s friend owe her? $1,061.36 $1,754.00 $2,081.20 $158.00 Now, assume that Emma's friend volunteers to pay compound interest instead of simple interest for her loan. If interest is accrued at 5.8% compounded annually, all other things being equal, how much money will Emma's friend owe her in 13 years? $2,081.20 $1,058.00 $120.71 $ 1,754.00 Emma has another investment option in the market that pays 5.8% nominal interest, but it's compounded quarterly. Keeping everything else constant, how much money will Emma have in 13 years if she invests $1,000 in this fund? $158.00 $129.72 $2,114.01 $1,059.27Mike joins a savings program where he deposits $1000 at the beginning of each year for 25 years, In return, he will earn a perpetuity paying $6300 per year with the first payment at the end of the 30th year. The effective interest rate is 5% for the first 20 years and 8% afterward • a) Will Mike have accumulated enough to fund the perpetuity? • b) If your answer above is no, find the unique extra deposit X that Mike has to make at the end of the 28th year in order to fund the perpetuity + Drag and drop an image or PDF file or click to browse.
- mary, a college student, needs to borrow $8000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduationg, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. what the total cost of Mary's student loan?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?Ellery purchases a home with a loan of R149 000. The 30-year loan term and 7,5% interest rate apply to the home loan. Every month, payments are made. How much interest will he pay overall if he purchases the house in accordance with the terms of the loan? a. b. C. d. R226 059 R138 086 R486 160 R375 489
