Belinda borrowed $23,500 at simple interest rate of 5.70% p.a. from her parents to start a business. At the end of 4 months, she paid them $3,800 and $2,700 at the end c 9 months. How much would she have to pay them at the end of 14 months to clear the balance? Use 'now' as the focal date.
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- Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9%. The date of the loan was October 10. Marcia hoped to repay the loan by February Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? show complete and clear solutionCaroline borrowed $1,500.00 at 9.00% p.a. She wants to settle this loan with 2 equal payments, one in 5 months and another in 16 months. Determine the size of the payments using 'now' as the focal date.Jessica borrowed $25,000 on January 15 at a variable interest rate of 5%. On March 22, the rate increased to 6%. 1. How much interest will she pay when she repays her loan on June 15? 2. What is the total amount that she will end up paying for this loan?
- Timothy received a $39,550 loan from a bank that was charging interest at 3.75% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 3 years? Round to the nearest cent b. What was the amount of interest charged on the loan over the 3-year period? Round to the nearest centLucy took out a $24,000 loan for 1 month and was charged simple interest. The total interest she paid on the loan was $118. C As a percentage, what was the annual interest rate of Lucy's loan? Do not round any intermediate computations. If necessary, refer to the C list of financial formulas. % X SLucy took out a $24,000 loan for 1 month and was charged simple interest. The total interest she paid on the loan was $118. As a percentage, what was the annual interest rate of Lucy's loan? Do not round any intermediate computations. If necessary, refer to the list of financial formulas. % X
- Merryll initially borrowed $3,400 from CIBC Bank at 3.13% compounded monthly. After 3 years she repaid $1,054, then 7 years after the $3,400 was initially borrowed she repaid $1,156. If she pays off the debt 10 years after the $3,400 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary. P/Y = PV = $ % P/Y = PV = $ C/Y = PMT = $ Amount owed after 3 years (before the first payment) = $ positive value) % N = Amount owed after the first payment of $1,054 (enter a positive value): $ C/Y = FV = $ PMT = $ N = FV = $ I/Y = Amount owed after 7 years (before the second payment) = $ positive value) (enter a I/Y = (enter aCarla borrowed $1,250 from the Royal Bank at 8.78% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $180 per month. Construct a complete repayment schedule treating each month as 1/12 of a year. Do not include the dollar sign in your answers. Do not include the comma usually used to denote thousands. Calculate the sum of the Amount Paid column. Calculate the sum of the Interest Paid column. Check Next pageHarold Hill borrowed $16,500 to pay for his child's education. He must repay the loan at the end of 11 months in one payment w/6 1/5% interest.A. How much interest must he pay? ___ (do not round intermediate calculation. Round your answer to the nearest cent)B. What is the maturity value? ___ (do not round intermediate calculation. Round your answer to the nearest cent)
- Jennifer Richards went to her credit union to borrow $5,500 at a rate of 8.11 % p.a. The date of the loan was September 7. Jennifer hoped to repay the loan on January 15. How much will Jennifer pay on January 15 if she pays off the loan on that date?Patricia initially borrowed $6,700 from CIBC Bank at 2.9% compounded quarterly. After 4 years she repaid $1,809, then 6 years after the $6,700 was initially borrowed she repaid $2,010. If she pays off the debt 9 years after the $6,700 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary. P/Y = 4 % PV = $ 6700 P/Y = 4 % PV = $ 5711.92 C/Y = 4 Amount owed after 4 years (before the first payment) = $ 7,520.92✓ positive value) PMT= $ 0 P/Y = PV = $ Amount owed after the first payment of $1,809 (enter a positive value): $ 5711.92 ✓ C/Y = 4 PMT= $0 N = 16 C/Y = PMT = $ FV = $ 7,520.92✓ N = N = 12 Amount owed after 6 years (before the second payment) = $5816.91 x (enter a positive value) Amount owed after the second payment of $2,010 (enter a positive value): $ FV = $ FV = $5816.91 X I/Y = 2.9 Final payment (after 9 years); (enter a positive value) $ (enter a X I/Y = 2.9 I/Y = %Jane requested a loan from a bank amounting to P186,980 to continue her small business. But she only received 85.75% of the loan as the bank collected the interest at the time money is requested. If the agreement will mature after 6 years and 9 months, determine the following: 1. Simple interest rate, %. 2. Simple discount rate, %. 3. Total interest accumulated at the end of 4 years.