Steve promises to pay Amanda $2,000 in four years and another $3,000 four years later for a loan of $2,000 from Sandy today. What is the interest rate that Sandy is getting? Assume interest is compounded monthly.
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Steve promises to pay Amanda $2,000 in four years and another $3,000 four years later for a loan of $2,000 from Sandy today. What is the interest rate that Sandy is getting? Assume interest is compounded monthly.
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- You take out a loan of $12,000 to pay for a piece of equipment. You plan to repay the loan in 16 years. You can afford to pay a maximum of $1,100 each year. What interest rate would allow for you to pay off the entirely of the loan in equal payments?Sam promises to pay Sandy $2,000 in four years and another $3,000 four years later for a loan of $2,000 from Sandy today. What is the interest rate that Sandy is getting? Assume interest is compounded monthly.If you put your $100 into a saving account which earns 5% interest, how long does it take for your money to double?
- could you show how to determine the bond's present value without a calculator?You want to buy a $249,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 5% ? c) What will your monthly payments be if the interest rate is 6% ?Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?
- What does the interest rate you determine represent?You plan to purchase an $130,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 4.75 percent. You will make a down payment of 10 percent of the purchase price. Calculate your monthly payments on this mortgage.Differentiate between Simple interest and Compound interest?
- Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?Jocelyn wants to buy a 72 inch flat screen TV to enjoy her birthday video highlights. It sells for $2,000 cash . She will make a down payment of $1,000 and then six monthly payments of $200. What is the full installment price?On November 4, you get a boat loan. Your first payment is due December 4. You write out your check on December 1, drop it in a mailbox on December 2, it gets postmarked on December 3, and the lender receives it on December 6. For how many days is interest calculated?