Business MathWorksheet 8.1b: Single Payment LoansOrdinary Interest = Principal x Rate xExact Interest - Principal x Rate x Time365Maturity Value = Principal + Interest OwedTime360Name1. Deb borrowed a single-payment loan of $8,000 at an interest rate of10%. The term of the loan is 120 days. What is the maturity value ofher loan at exact interest?2. Carter Fenton is planning to borrow $1,600 from Christine O'Brian. Heis willing to pay back in 105 days at an interest rate of 7.5% ordinaryinterest. What is the maturity value of his loan?3. To purchase furniture for her new apartment, Jane Wall borrowed$4000 at 8% exact interest for 200 days. Calculate the maturity valueof the loan.4. You borrowed $85,000 at 12% ordinary interest for 30 days. Determinethe maturity value of the loan

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Business Math Worksheet 8.1b: Single Payment Loans Ordinary Interest = Principal x Rate x Time 360 Exact Interest = Principal x Rate x Maturity Value = Principal + Interest Owed Time 365 Name 1. Deb borrowed a single-payment loan of $8,000 at an interest rate of 10%. The term of the loan is 120 days. What is the maturity value of her loan at exact interest?

Business Math Worksheet 8.1b: Single Payment Loans Ordinary Interest = Principal x Rate x Time 360 Exact Interest = Principal x Rate x Maturity Value = Principal + Interest Owed Time 365 Name 1. Deb borrowed a single-payment loan of $8,000 at an interest rate of 10%. The term of the loan is 120 days. What is the maturity value of her loan at exact interest?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Calculate the interest and total amount to be paid for each of the following. Pay attention to the term, sometimes people take out loans that do not equal a whole year. Total loan amount to be paid Loan Total Interest to be paid Princi Interest pal Name Total Total rate Interest Interest term (in per year per month months Johanna 4550 5.5% 24 Martin 7240 6.5% 36 Sonia 5000 7% 17 Ferdy 8500 3.5% Dave 950 8.5% Liz 11400 7.45% 9 Jermaine 12500 5.5% 24 Rudy 22600 3% 22 Nora 15400 6.5% 20 Nilliam 4800 4.75% 32
Question 9 Assume that Sean and Catherine only pay the minimum payment on Credit Card #2 (balance $6,500). The minimum balance is 3% of the total balance. What is their minimum monthly payment? $195 Question 10 Using the BankRate calculator and the minimum payment you calculated above, if Sean and Catherine pay the minimum payment plus an additional $25, how many months would it take them to pay off their credit card loan based on a 15.9% APR?
find the interest, interest rate,monthly payment, and the new principal.
Business Math Worksheet 8.2: Installment loans-Amount Financed Name Background: An installment loan is repaid in several equal payments over a specified period of time. Usually, you make a down payment to cover a portion of the cash price of the item. The amount you finance is the portion of the cash price that you owe after making the down payment. Amount Financed = Cash Price - Down Payment Down Payment = Cash Price x Percent 1. Flora Quinton is buying a new air compressor for her auto repair shop. It sells for $1,299. She makes a down payment of $199 and finances the remainder. How much does she finance? 2. Beatriz Ruiz is buying new office furniture. It sells for a cash price of $2,358.60. The down payment is $200.00. What is the amount financed 3. An office remodeling project costs $15,880. If you pay $3,680 towards the project, how much do you finance?
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $1,700 18 $123.89 12
2. Problem 5.17 (Effective Interest Rate) еВook You borrow $225,000; the annual loan payments are $30,017.40 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. %
Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers t Amount Number of Financed Payments APR Table Factor Finance Charge Monthly Payment $500 18 17% $ X Need Help? Reed 11 $ $
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $1,900 18 $126.89 13 $ $
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $4,700 36 $162.33 31 $ $
8. A The amount of money earning interest in a savings account H. withdrawal 9. Jessa Walton deposits $275.00 in a savings account. The account pays an annual interest rate of 5%. She makes no other deposits and withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn? 10. Suppose you deposit $5,000 in an account that pays 5.5% compounded daily. According to the table be now much interest will you earn in 25 days? 1nterrst = Aman+ heldia Amount of $1.00 Compounded Daily (365-Day Year)* Amount Day 1.00316 1.00331 5.5% GccanT X interest ratet Amount 1.00468 1.00483 Day Peroa 12months Pincipal cmant =9275 31 21 22 32 23 24 25 1.00498 33 1.00513 34 1.00528 1.00347 1.00362 1.00377 35 . Which of the following is the correct way to write the amount $56.67? fifty -Seven Ce Six dairs nd
Suppose you take out a $185,500 mortgage for 30 years at 5.15% interest. (a) Find the monthly payment on this mortgage. S (b) Fill out the first two rows of the amortization schedule below. Round your answers to the nearest dollar. Payment Number Interest Payment Principal Payment Balance of Loan 1 2 Question Help: D Video M Message instructor D Post to forum
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