lan borrowed $5,000 from Janet due in seven years at 8% monthly. Four years after the debt is contracted, Janet sells the note to Burt for an amount based on 10% monthl
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Alan borrowed $5,000 from Janet due in seven years at 8% monthly. Four years after the debt is contracted, Janet sells the note to Burt for an amount based on 10% monthly. How much does Janet receive (the proceeds)?
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- Candace borrows $4000 from Nick due in 10 years with simple interest at 8% monthly. Two years after the debt is contracted, Nick sells the note for an amount based on 10% monthly. What are the proceeds?Karen invested $10,000 in a money market account with an interest rate of 1.75% compounded semiannually. Five years later, Karen withdrew the full amount to put toward the down payment on a new house. How much did Karen withdraw from the account?Jimmy buys a piece of property worth $90454, Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer:
- Alan borrowed $30000 from Janet due in 5 years at 10% monthly. 2 years after the debt is contracted, Janet sells the note to Burt for an amount based on 8% monthly. How much does Janet receive (the proceeds)? * I am unsure on what to do in this problem and how to solve it. I would really appreciate the help here. Thanks so much!Allan borrows $2260 from his uncle. Two years later, he borrows another $1490. If his uncle charges him 8.8% interest compounded annually, how much does Allan owe 9 years after the first loan? Allan owes his uncle a total of $ _______.Bozo borrowed $15,000 from Ernie due in 5 years at 6% compounded monthly. Immediately after the debt is contracted, Ernie sells the note to Max for an amount based on 5% compounded monthly. How much does Ernie receive?
- Candace borrows $4000 from Nick due in 10 years with simple interest at 8% monthly. Two years after the debt is contracted, Nick needs money. So, he sells the note to a random stranger on the street (To Nick’s defense, the stranger had cash.) for an amount based on 10% monthly. What are the proceeds?Fred owes $10,000 due in three years and $5,000 due in ten years. Fred is allowed to pay off both loans after four years at 9% simple interest. How much does Fred pay?Rita borrows $2000 from her parents. She repays them $2600. What is the interest rate if she pays the $2600 at the end of (a) Year 2? (b) Year 3? (c) Year 6? (d) Year 10?
- Sangeeta borrows $4600 from Sam for 9 year(s) at 11.25% compounded quarterly. Then, 3 year(s) before maturity, Sam sells the note to Bill who discounts it based on 12.75% compounded monthly. How much did Bill pay Sam for the note?Ms. Brown purchases a house for $300,000. She borrows $200,000 from a mortgage company at the rate of 4.5%. Consider interest paid on the loan as only cost of borrowing to Ms. Brown. She rent the property for $2,000 a month. She pays $6,000 property tax per year. The house maintenance costs each year is about $3,000. After 5 years she sells the property for $400,000. What is Ms. Brown’s average annual rate of return on this investment.Kaelyn borrows $30,000 from her grandfather today to cover her college expenses. She agrees to repay the loan, with the first payment due 5 years from today in the amount of $2,000. No payment is made at the end of year 6. Starting 7 years from today, a series of 5 annual end-of-year payments is made, with the first in the amount of $X. Each subsequent payment is $1,500 greater than the previous payment. Draw the cash flow diagram of thistransaction from the grandfather’s perspective.