Compute the simple interest INT for the specified length of time and the future value FV at the end of that time (in dollars). Round all answers to the nearest cent.   You borrow $13,000 for 8 months at 3% per year.

Q: Skippy wants to have $15,000.00 in 8 years. His bank is offering an account that earns 2% compounded…

A: Future value, F=$15000 Time, t=8 years. Interest rate, i=2%=0.02 Compounded frequency, m=12

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Q: The principalP is borrowed and the loan's future value A at time t is given. Determine the loan's…

A: Here we will find out the required value of simple rate of interest.

Q: Find the present value of $40,000 due in 3 years at the given rate of interest. (Use a 365-day year.…

A: Given that The Future value  FV=$ 40,000Interest rate r=4%=4100=0.04Compounded monthly  n=12Number…

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A: Given: Future value is $13000. Time is 2.5 years. Simple interest is 5.25% per annum. To find:…

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Q: Determine m, n, and i for money invested at 9% compounded monthly for 10.25 years

A: For m, it is the number of copounding periods per year.Given that is is compounded monthly and there…

Q: $3,000 is invested for 18 months compounded at the interest rate of 0.75% every month. Give your…

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Q: Find the present value of $90,000 due in 7 years at the given rate of interest. (Use a 365-day year.…

A: Solution