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1. A Bank offers you a 250,000 pesos, 3 years and 6 months term loan
at 4. 78 percent annual interest. What will your Monthly loan
payment be?
Step by step
Solved in 2 steps
- 22. 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?To have a total of $10,000 after 8 years, what principal do you have to deposit in a 4.5 percent saving account compounded monthly?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?
- Write the formula developed for calculating compound interest?11. Savannah is buying a $190,000 home. She has been approved for a 3.28% mortgage rate. She was required to make a 20% down payment and will be closing on the house on March 11. Her first mortgage payment is due April 1. C. Determine the annual interest for the mortgage. D. What is the interest charged per day? E. How much should she expect to pay in prepaid interest?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 Ten years after the last deposit the accumulated money is withdrawn from the account. How much is withdrawn?
- 3. Some time ago, you put £500 into abank account for a"rainy day." Since then, the bank has been paying you 1 percent per month, compounded monthly. Today, you checked the balance, and found it to be £708.31. Howlong ago did you deposit the £500?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?Give typing answer with explanation and conclusion Michael can afford car payments of $275 a month for 72 months. The bank will lend him this money at 11.40 percent APR. How much can Michael borrow?
- 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?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?