Michelle borrows 5,000 for 6 years at 8% rate. At the end of 6 years, she decided to renew the loan for the amount due plus 3,000 more for 2 years at 8%. What is the lump sum due?
Q: A deposit of $1500 is made into a fund on March 28. The fund earns simple interest at 5%. On July…
A: Calculate the days difference between the dates
Q: 5. Lerios has a loan business that charges 15% simple interest. Joey borrowed P4000 from Tony; how…
A: Given information, Principal amount (P): P4000 Time period (t): 60 days Interest rate (r): 15% To…
Q: 2. Karen loaned P10,000 from a firm with a simple interest of 20%. The interest was deducted right…
A: Interest = Loan x Rate of interest Given-> Loan = P10100 Interest rate - 20%.
Q: Find the present value at 10% interest of the series of payments below: End of year 1 2 3 Net Cash…
A: The present value is the current value of the future stream of income. The present value is affected…
Q: A man wishes to have 35,000 when he retires 15 years from now. If he can expect to receive 4% annual…
A:
Q: If you give $1000 as a deposit for rent and it accumulates at 4% simple interest, how much money in…
A: $1000 is as deposit or securities for rent and it earns 4% simple interest . As long as tenant pay…
Q: If you deposit $2,042 today in a savings account that pays 8% interest annually, how much would you…
A: Given: Principal (P) = $2042 Interest rate (R) = 8% annually Time (T) = 5 years
Q: College Financial Sources, which makes small loans to college students, offers to lend $500. The…
A: Given: P=500 A=40 n=16 i=?
Q: How much should a family deposit at the end of every 6 months in order to have $2000 at the end of 5…
A: Future value tells us how much will be the worth of the amount deposited/invested today says after n…
Q: At what simple interest rate must ₱100,000 be invested so as to gain an interest of ₱10,000 after 5…
A: We have given that Total simple interest after 5 years =10,000 Deposited amount or principal amount…
Q: Calculate the monthly mortgage payment with the following conditions: $515,000 borrowed, 3.15%…
A: According to question the total amount borrowed for the mortgages is $515,000, with the interest…
Q: If you borrow $12,000 at 20% interest rate for 5 years, what is your ordinary simple interest in…
A: Simple Interest refers to the money that is paid only on principal. Principal is the money that is…
Q: Karen loaned P10,000 from a firm with a simple interest of 20%. The interest was deducted right away…
A: Karen borrowed an amount of P10,000 at simple interest rate 20% and interest was deducted before…
Q: 2. What is the monthly payment for a loan of 100,000 over 5 years nominal interest rate is 12%…
A: Loan amount = $ 100,000 Tenure = 5 years = 5 × 12 months = 60 months Interest rate = 12% (compounded…
Q: You borrow $5000 from a family member and agree to pay it back in 5 months. Because you are part of…
A: Given: The principal amount is = $5,000 Payback period = 5 months Interest rate is = 0.5% per month…
Q: A financial institution is willing to lend you $600.However, $645 is repaid at the end of one…
A: In Economics Nominal Interest rate is defined as sum of real interest rate and expected inflation.…
Q: Mr. Reyes borrowed money from the bank. He received from the bank P 17,500.00 and promised to repay…
A: As per the Simple Interest formula , we know that A…
Q: You have borrowed $10,000 from a bank with the understanding that you will pay it off with a lump…
A: The future value of loan = $12000 Present value of loan = $10000 Time period (n) = 2 years
Q: Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00…
A: Given Mr. Benedito borrows $50,000, So present value P=$50,000 The value of the promissory note is…
Q: A loan is paid off in 15 years with a total of $192,000. It had a 4% interest rate that compounded…
A: Given information, Time period (t): 15 years Compounded monthly (n): 12 times in a year Interest…
Q: An employee is entitled to a 10 yearly grant of 25,000 pesos each starting at the end of the…
A: At the end of each year for 10 year as grant is case of ordinary annuity . And the present value of…
Q: A bank loaned out $25,500, part of it at the rate of 12% annual interest, and the rest at 5% annual…
A: Given: Total amount of loan is = $25,500 The annual rate of interest is = 12% Rest is at = 5% Total…
Q: Brian borrowed P30,000 from a financing company charging 11 4/5% simple interest for 180 days. How…
A: According to the question brain borrowed P30,000 at the interest rate of 11 4/5(11.8%) for the 180…
Q: Sam borrowed money from his friend in the amount of 5,000 birr on January 15, 2018. He is obliged to…
A: here we calculate the simple interest of Sam debts which are as follow-
Q: Anika wants to invest $200 a month at 4.25%/a compounded monthly for 10 years. a) b) What will be…
A: Regular payments given at the conclusion of each term, such as monthly or quarterly, make up a…
Q: If you invest $ 500 on Lending Circle at a rate of 5% for 1.5 years, how much will you have earned?
A: FV = PV (1 + r / 100)^n FV = Future Value PV = Present Value = $500 r = Interest Rate = 5% n = Time…
Q: You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…
A: Interest rate is the amount charged by the lender from the borrower for the use of its money.
Q: If $5 is invested at 45% simple interest, its value after 13.1 years is
A: The investment amount is = $5 Simple interest = 45% Time period = 13.1 years
Q: Enrico Suarez has decided to purchase a house instead of renting an apartment. He can a ord a…
A: The mortgage is an agreement between a lender and the party taking loan.
Q: Determining the Present Value for a Decreasing Annuity How much money must you deposit now at 6%…
A: Given the annuity amount = $3000 Interest rate = 6% Quarterly interest rate = 6% / 4 = 1.5%…
Q: What is the future worth of these payments for 16 years if interest is 9% in the first year and…
A: The future value if the compounding is done annually is: FV = P (1 + R)t R : Interest rate PA…
Q: A loan company offers money at 1.5% per month compounded monthly.(a) What is the nominal interest…
A: Nominal interest rate(r) is referred to the percentage(%) increase(↑) in money that an individual…
Q: If a bank gives an interest rate of 5% annually. What is the sum of money after 2 years if the…
A: Interest rate of bank = 5% Difference between compound interest compounded annually and the simple…
Q: The balance of an account continuously compounded was $2006 after 7 years and $6790 after 12 years.…
A: According to the question The amount is compounding continuously, it will give $2006 after 7 years…
Q: If the interest rate is 6%, what is the present value of $800 paid at the end of year 10?
A: Interest Rates- these do not work in the favour of borrower, it is additional amount that a lender…
Q: Three years ago, Keith paid $150,000 for his 3 bedroom home. If the property has appreciated at 5%…
A: Given information: Keith purchase a 3 bedroom house at $150,000 The property has appreciated at 5%…
Q: How much interest would Princess Ybañez will be paid each year on a loan of $2000 at an annual…
A: Simple Interest refers to the interest rate that is determined by multiplying the interest rate by…
Q: What amount would have to be invested at a simple interest rate of 2.85% to grow to $2529.28 in 150…
A:
Q: 4. An engineering consultant wants to withdraw $16,000 per year for each of the next 10 years to…
A: Answer: The following formula to find the present value that will be deposited is given below:…
Q: A certain amount of money was invested for two year at a rate of 7%. At the end of that year it had…
A: In the question above, it is given that : Time period (t)= 2 years Rate of Interest = 712% Amount =…
Q: Karen and Sophia want to buy a $225,000 home. They plan to pay 20% as a down payment, and take out a…
A: Note: We will answer the first 3 subparts of the question as the exact one was not specified. Please…
Q: You borrowed an amount of $15,000 and paid it $20,223 in 3 years. If the interest rate was…
A: A = P(1+r12)nt P is principal amountA is future amout to be paidr is interst rate n is compounding…
Q: What amount of money invested today at 15% interest can provide the following scholarships: ₱30,000…
A: Given:- Interest=15% Scholarship value=P30,000 for 6 year at each year end…
Q: You borrow $500 from a family member and agree to pay it back in six months. Because you are part of…
A: Interest rate: It refers to the rate at which the person who had borrowed money from any person has…
Q: Josie wants to be able to celebrate her graduation from CSULA in 55 years. She found an annuity that…
A: First let us understand the major points in the question briefly: Investment= P500,000 for Auto…
Q: 1. A future amount F, is equivalent to $ 1,500.00 now when six years, separate the amounts and the…
A: To find the future value, we use the formula for compound interest with present value equal to 1500
Q: A person wishes to have a future sum of $1,00,000 for his son’s education after 10 years from now.…
A: Given the future value = $100000 Number of years = 10 years Interest rate = 15%
Q: Engineering Economy A man made a loan of $300 to be repaid with $325 at the end of 85 days. What…
A: Amount = Principal + Simple Interest 325 = 300 + 300*r*85/365 25 = 300*r*85/365 r = 25*365/300*85 =…
Q: r, you move to another job and start a new 401(k) plan. You never get around to merging the funds in…
A: Given : Deposit each year=$5000 Interest rate=8% After switching job,amount invested for time…
Michelle borrows 5,000 for 6 years at 8% rate. At the end of 6 years, she decided to renew the loan for the amount due plus 3,000 more for 2 years at 8%. What is the lump sum due?
Step by step
Solved in 2 steps
- Mr. Mallari borrowed P200, 000. The terms of the loan are 10% interest for 10 years with uniform payments. He just made his third annual payment. How much principal does he still owe?If you borrow $12,000 at 20% interest rate for 5 years, what is your ordinary simple interest in this case?Phyllis went to the mall and saw a massage chair that she would have to take a loan out for P6500 to purchase. The bank said that she could get a simple interest rate of 5% for 5 years. What is the total amount that Phyllis will pay for the chair?
- Determine the maximum amount that could be loaned at 8% interest if it is repaid as follows:(Draw the cash-flow diagram before solving.)Year 1 2 3 4 5Payment $200 400 600 800 1000A deposit of $495 earns 3% p.a. interest compounded monthly, how much money will be in the bank after 3 years?Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.
- If you deposit $2,042 today in a savings account that pays 8% interest annually, how much would you have at the end of 5 years?Please answer using Annuity Formula. Thank youAnd we took out a loan for 146 days and was charged simple interest rate of 12.5 total interest he paid was $245. How much money did Henry borrow?
- You can afford a $350 per month car payment. You've found a 3 year loan at 6% interest. How big of a loan can you afford?If you invest $ 500 on Lending Circle at a rate of 5% for 1.5 years, how much will you have earned?Tom makes annual payments of $12,204.21 per year on a loan. The loan was set at $42,000 at an interest rate of 6.3% for a period of 4 years. How much interest will Tom pay at the end of his loan?