Answer the following question. You borrow $1000 from a friend and promise to pay back $1975 in 5 years. What simple interest rate will you pay? 19.5% 0.195% 18% 17%

Q: A bank offers a CD that pays a simple interest rate of 8%. How much must you put in this CD now in…

A: The percentage is a ratio expressed as a fraction of 100. The percentage is denoted by the symbol %.…

Q: Suppose you see a car with an advertised price of $14,500 at $410.83 per month for 4 years. What is…

A: Given that :Suppose you see a car with an advertised price of $14,500 at $410.83 per month for 4…

Q: You decide to quit using your credit card and want to pay off the balance of $2,400 in 3 years. Your…

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Q: Steve borrowed $300 for 2 months at a simple interest rate of 6% per annum. How much interest does…

A: Simple interest =( principal × rate × time)/100

Q: A radio commercial for a loan company states: "You only pay 35¢ a day for each $500 borrowed." If…

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Q: How much interest (to the nearest dollar) would be saved on the following loan if the home were…

A: We will find out the required value.

Q: You want to buy a $29,000 car. The company is offering a 4% interest rate for 36 months (3 years).…

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Q: Carl is the beneficiary of a $29,000 trust fund set up for him by his grandparents. Under the terms…

A: Given ,  Present value (PV) = $29,000 Rate (r)= 3%  n = 4

Q: You take out a loan to purchase a car for $7600. The bank offers you 3.8%, compounded monthly for 4…

A: Interest = $ 26525.22

Q: Find the simple interest I of the given loan amount. (Round your answer to the nearest cent.)…

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Q: 2. You purchase a CD for $1000 on which you will earn 2.4% simple interest for each year of the…

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Q: You borrow $2,000 from Gougo's , a well-known loan consolidation outfit . The loan is an…

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Q: You owe $16,000 on student loans at an interest rate of 4.15% compounded monthly. You want to pay…

A: The monthly payment is calculated using the formula: Monthly Payment=Loan amount×i1-(1+i)-n. Here, i…

Q: Brad invests $3700 in an account paying 3% compounded monthly. How much is in the account after 8…

A: We know,         For principal amount P and rate of interest r% compounded per unit time, the amount…

Q: Jessica had a loan of $142,000 and made payments of $4,000 at the end of every month to settle it.…

A: In this question, we will use the compound interest formula.

Q: If the interest on a loan amount $3500 for 1 years is $132. Then the rate of interest is O 2.65%…

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Q: Suppose that you borrow ​$3000.00 from a friend and promise to pay back ​$4755.00 in 3 years.…

A: It is given that the principal is 3000, balance is 4755 and time is 3 years. The formula to evaluate…

Q: You are in the market to buy a home.  You plan on borrowing $361,683 from the bank.  Interest rates…

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Q: o create a college fund for your child. Suppose you find a fund that offers an APR of 6%. How much…

A: We are given: APR=6%=0.06A=Amount after time t=$89000n=Number of months in a year=12Y=Number of…

Q: Consider a 30-year fixed-rate home loan of $525,500 with an interest rate of 3.75%. What is the…

A: We have to find the interest of given amount. The solution is following.

Q: A bank offers a CD that pays a simple interest rate of 5%. How much must you put in this CD now in…

A: First, always look for what you are asked to find. Here it is how much you must put into a CD.…

Q: Answer the following question. You borrow $3000 from a friend and promise to pay back $5460 in 4…

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Q: Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7 years of…

A: Amount of Loan = $150,000Annual Interest Rate = 3%Monthly Interest Rate = 0.25%Period of Loan = 25…