8. The simple interest charged on a 65-day loan of $1,290 is $8.25. Find the annual simple interest rate (in percent) for this loan. Round to the nearest tenth of a percent. Use 360 days in 1 year. 10. How much money (in dollars) should be invested in an account that earns 5% interest, compounded quarterly, to yield $10,000 in 7 years? ( Round your answer to the nearest cent.)

8. The simple interest charged on a 65-day loan of $1,290 is $8.25. Find the annual simple interest rate (in percent) for this loan. Round to the nearest tenth of a percent. Use 360 days in 1 year. 10. How much money (in dollars) should be invested in an account that earns 5% interest, compounded quarterly, to yield $10,000 in 7 years? ( Round your answer to the nearest cent.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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