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- Joel borrows $60,000 at 7% interest per year for a 10-year period. He can make payments of $450 at the beginning of each month until the loan is closed. He plans on making a balloon payment at the end of the period. What is the expected size of the balloon payment?In order to make CDs look more attractive than they really are, some banks advertise that their rates are higher than their competitors', but the fine print says that the rate is a simple Interest rate. If a person deposits $7,500 at 3% per year simple interest, what compound Interest rate would yield the same amount of money in 3 years? The compound Interest rate that would yield the same amount of money in 3 years is 9.273 %.If $300 is earned in three months on an investment of $12000, what is the annual rate of simple interest?
- If an applicable interest rate is 7.3% per year, compounded monthly, what is its effective annual rate? Calculate to at least 4 significant figures and omit the percentage sign. For example, if your answer is 10.333333% you should then enter 10.33. If your answer is 3.777777% you should then enter 3.777.Find the total amount after the investment period in semi-annual payments of 1000 pesos if the first payment is due at the end of 3 years and money is worth 6% interest compounded semi-annually? (Future Value of Simple Ordinary Annuity) P4,668.41 P6,468.41 P4,668.40 P6,468.40Lindsey plans to deposit her annual bonus into a savings account that pays 3% interest compounded annually. The size of her bonus increases by $1000 each year, and the initial bonus amount she will deposit at the end of year 1 is $2,500. a) Determine how much will be in the account immediately after the 6th deposit. b) What's the future value if she only plans to deposit her annual bonus for 8 years (the last deposit is at the end of year 8)? c) What's the future value if she only plans to deposit her annual bonus for 8 years (the last deposit is at the end of year 8), but also plans to skip the deposits at the end of years 3 and 6?
- 3-74. Peggy Sue was left $50,000 by her uncle. She has decided to put it into a savings ac- count for the next year or so. She finds that there are three different interest rates at sav- ihgs institutions: 5%% compounded annually,In a loan with 20% simple interest, the future amount is P2, 000.00 more than the principal after one year. What is the principal amount?1. What is the annual rate of interest if P300 is earned in four months in an investment of P15350?
- A 22-year-old college graduate just got a job in Nashville. She is considering buying a house with a $200,000 mortgage. The APR is 4% compounded monthly for her monthly mortgage payments on a 30-year fixed rate loan. If she can get her FICO score up to 750, the APR drops to 3.6%. How much in interest cost will she save over the life of the loan assuming she can increase her FICO score to 750?Suppose you put $20,000 in an investment account today that earns 3% per year (compounded annually), how much will you have in 10 years Suppose you are offered an investment that will pay you $900 a month for 20 years. If your required return is 3% per year, compounded monthly, what would you be willing to pay for this investment?You just accepted an offer from XYZ Petrochemical Company in Louisiana. As a sign up bonus, the XYZ will deposit $10,000 in a retirement account for you which generates 12% return annually. In addition, the company deposits $5,000 every year in the same account, if you stays with XYZ. How much money will be accumulated in this account if you decide to retire 40 years from now?