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- Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?Interest earned with an annuity due is higher than that with an ordinary annuity. Do you agree or disagree? Please explainTwo annuity dues in perpetuity have a common present value of $2, 000 and a common effective annual interest rate i. The first annuity makes payments of $100 at the beginning of every three years and the second makes payments of X at the beginning of every three months. Find X.
- Calculate the present value of an annuity with monthly deposits of $2,000 at 5% for 20 years. Discuss how the present value of an annuity will change if the deposit is doubled?One person bought a DVD player for $399.00. You paid a down payment of $99.00 and agreed to pay the balance plus an amount of $10.00 at the end of three months as interest. What annual simple interest rate would you be paying?How is the future related to the present value of a single sum?
- Maria takes out a 30-year mortgage for $235,136 at an annual interest rate of 4.2%. How much does she still owe when there is 1 year left on the loan? Round your answer to the nearest dollar.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?Whenever the interest charge for any interest period (a year, for example) is based on the remaining principal amount plus any accumulated interest charges up to the beginning of that period, the interest is said to be: a. effective interest b. compound interest c. simple interest d. nominal interest e. none of the choices
- 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?If a lender makes a simple loan of $400 for 5 years and charges 7%, then the amount that the lender receive at maturity is $.(Round your response to the nearest two decimal place) Part 2 If a lender makes a simple loan of $500 for one year and charges $70 interest, then the simple interest rate on that loan is %.(Round your response to the nearest whole number) Part 3 If a borrower must repay $106.50 one year from today in order to receive a simple loan of $100 today, the simple interest on this loan isIf 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?