Howard bought a $ 10,000.00 GIC bearing interest at 7% c.a due principal and interest in 10 years. He sold the GIC after 50 months to an investor who expects to earn 5% c.s.a . How much did the investor pay Howard for the GIC?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
1. Howard bought a $ 10,000.00 GIC bearing interest at 7% c.a due principal and interest in 10 years. He sold the GIC after 50 months to an investor who expects to earn 5% c.s.a . How much did the investor pay Howard for the GIC?
2. Harley bought a Honda for $24,000.00 She paid $4,000.00 down and $450.00 monthly thereafter. Use the U.S rule (declining balance method) to determine the balance owing just after the third payment and the part of the third payment that goes to principal. The N.R =4% c.m.
3.Heathcliff owes $10,000.00 bearing interest at 6% c.m. for 5 years. Six months before the due date, the debt is commmuted into a payment of $X due in 1/2 years and a payment of $7000.00 due in 1 year. The interest rate is set at 8 % c.q. Determine of $X
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