The price of a Universal Testing Machine doubles in 15 years. What is the compounded yearly interest rate? What do you think is the equivalent compounded monthly rate?
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- The price of a Universal Testing Machine doubles in 15 years. What is the compounded yearly interest rate? What do you think is the equivalent compounded monthly rate?
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- 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?You borrow $800 from a family member and agree to pay it back in nine months. Because you are part of the family, you are only being charged simple interest at the rate of 0.6% per month. How much will you owe after nine months? How much is the interest?At 10% compounded annually, how long will it take for money to double itself?
- Does the compounding increases the amount of interest paid over a year atthe same nominal interest rate?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.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.
- 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 long will it take for a money to quadruple itself if invested at 12% simple interest rate.What is the effective annual interest rate?
- Jesse wanted to double his money at 3% annual interest compounded monthly. How long will it take to double your money?Calculate the total interest earned, if you save $68 each month, Starting today, for 11 more years, if the annual interest rate is 9.6 and interest is compounded on a monthly basis?You want to save the down payment required to purchase a vacation home at the end of five years. If the required down payment is $25,000 and you can earn 5% a year on your savings account, how much do you need to set aside at the end of each year for the next four years?