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1. What is the exact simple interest on $2,800 for the period from February 12 to july 6 of 1996, if the rate of interest is 4%?
2. You owe $120,000 from your ex-girlfriend and promise to pay 6% simple interest. How much will you pay at the end of 1 year and 6 months?
3.You owe $120,000 from your ex-girlfriend and promise to pay 6% simple interest. How much will you pay at the end of 9 months?
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- 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?6. An individual makes six annual deposits of $2,000 in a savings account that pays interest at a rate of 4% compounded annually. Two years after making the last deposit, the interest rate changes to 7% compounded annually. Ten years after the last deposit the accumulated money is withdrawn from the account. How much is withdrawn?You take out a loan of $12,000 to pay for a piece of equipment.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?
- 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 is22. You deposited $15,000 in a savings account five years ago. The account has earned 5.25% interest compounded continuously since then. How much money is in the account today?You are planning to have some retirement income and want to retire in 15 years. Until then you will need to make 15 annual deposits into an account. The first deposit is $5k, and each subsequent deposit will increase at a 4% rate. Then come the good days, you retire, and you can have 20 equal annual withdrawals of $H (last withdrawal at the end of year 35). The interest rate is 6% (compounded annually). Calculate H, and draw the cash flow diagram.
- 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% ?1) Calculate the value of a loan today that will be repaid with quarterly payments for a period of two years. During the first year, the quarterly payment is for $300, while in the second year, the quarterly payment increases to $400. Assume that the bank is charging an interest rate of 3% quarterly. Show your work.Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?
- 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?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.could you show how to determine the bond's present value without a calculator?