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On March 25, you borrow some money for 120 days. What is the maturity date?
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- Bobby was desperate. He borrowed $600 from a pawn shop and understood he was to repay the loan starting next month with $100, increasing by $10 per month for a total of 8 months. Actually, he misunderstood. The repayments increased by 10% each month after starting next month at $100. Use a spreadsheet to calculate the monthly interest rate that he thought he was to pay, and what he actually will pay.What is the maturity date of a loan taken out on September 9, 1998 for 125 days?At what rate of interest will an investment double itself in 10 years?
- Dan is considering borrowing $500,000 to purchase a new condo. Based on that information, answer the following questions. Show all work. Calculate the monthly payment needed to amortize an 8% fixed-rate 30-year mortgage loan. Calculate the monthly amortization payment if the loan in (a.) was for 15 years instead.Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00 promissory note with a maturity of 6 months. What is the annual and monthly simple interest rate charged by the loan shark?You borrow $500 from a family member and agree to pay it back in six months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after six months? How much is the interest?
- What is the U.S 6 month interest rate?If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?Ella Stein paid $187.50 interest on a loan of $12,000 for 3 months. What was the rate of interest she paid?