MMA MATHEMATICAL ASSOCIATION OF AMERICA Simple and Compound Interest / 5 Previous Problem Problem List Next Problem HW 20 Simple and Compound Interest: Problem 5 (5 points) Consider a $700 T-bill calculated as a simple discount loan. The annual simple discount rate is 2% and the length is set to be 13 months. Find the price of the T-bill, the interest earned, and the simple interest rate paid on the bill. Price of the T-bill= dollars. Total interest earned when $700 T-bill is redeemed = dollars. Simple interest rate earned = percent (round to 2 decimal places). Note: You can earn partial credit on this problem. Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. Page generated at 05/04/2024 at 02:46pm EDT WeBWorK 1996-2022 theme: math4-green | www.version: 2.17 Pg version 2.17 | The WaßWork Project

Question content area top Part 1 You just took out a​ variable-interest-rate consumer loan set at 33 percent over prime. After 1​ year, your rate jumps to 44 percent over prime. Treasury bills are currently paying 22 percent. What is the new interest rate on your consumer​ loan?       Question content area bottom Part 1 The new interest rate on your consumer loan​ is:  ​(Select the best answer​ below.)     A. 99 ​percent, which is the Treasury bill rate​ (prime), plus your original rate over​ prime, plus 44 percent.   B. 66 ​percent, which is the Treasury bill rate​ (prime) plus 44 percent.   C. 55 ​percent, which is the Treasury bill rate​ (prime) plus 33 percent.   D. 77 ​percent, which is your original rate over prime plus 44 percent.

Monthly payment of loan b, rounded to the nearest cent

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MAA MATHEMATICAL ASSOCIATION OF AMERICA Simple and Compound Interest / 8 Previous Problem Problem List Next Problem HW 20 Simple and Compound Interest: Problem 8 (2 points) How much do you need to invest in an account earning an annual interest rate of 3.734% compounded weekly, so that your money will grow to $7,550.00 in 44 weeks? The amount you need to invest is (Note: Your answers should include a dollar sign and be accurate to two decimal places) Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. Page generated at 05/04/2024 at 02:45pm EDT WeBWorK 1996-2022 | theme: math4-green | ww_version: 2.17 | pg.version 2.17 | The WaßWork Project

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fx D. Amount of loan: %24 50,000 Annual payment: %24 10,000 Interest rate: 8% 6. How many years will it take to pay off the loan?

Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.)

Business Math Worksheet 8.2: Installment loans-Amount Financed Name Background: An installment loan is repaid in several equal payments over a specified period of time. Usually, you make a down payment to cover a portion of the cash price of the item. The amount you finance is the portion of the cash price that you owe after making the down payment. Amount Financed = Cash Price - Down Payment Down Payment = Cash Price x Percent 1. Flora Quinton is buying a new air compressor for her auto repair shop. It sells for $1,299. She makes a down payment of $199 and finances the remainder. How much does she finance? 2. Beatriz Ruiz is buying new office furniture. It sells for a cash price of $2,358.60. The down payment is $200.00. What is the amount financed 3. An office remodeling project costs $15,880. If you pay $3,680 towards the project, how much do you finance?

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