Larry borrowed $1,000 through a loan shark, two years later he ended up paying $1,500 to settle his debt. What was the interest rate on his loan?
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Larry borrowed $1,000 through a loan shark, two years later he ended up
paying $1,500 to settle his debt. What was the interest rate on his loan?
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- 1. Larry borrowed $1,000 through a loan shark, two years later he ended up paying $1,500 to settle his debt. What was the interest rate on his loan?John borrows $700 from a bank. He promises to pay $749 in 1 year's time. How much interest is john being charged by the bank?Douglas needs to borrow $15,600 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment five years from now, after he is out of college. He bank states that the payment will need to be $19, 683. If Douglas borrows the $15,600 from the bank, what interest rate is he paying on his loan?
- Salma borrowed $600from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $84. As a percentage, what was the annual interest rate of her loan?Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate of 8%. The total interest that he paid was $336. How much money did he borrow? If necessary, refer to the list of financial formulas. $ XPlease help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?
- Andy's yearly income is $40,000. What would Andy's debt load be on a $15,000 personal loan? Would Andy's debt load follow the guidelines of the 20/10 rule? Provide a reason for Your answer.14) John borrowed $12,000 to buy a new car and expects to pay $564.87 per month for the next 2 years to pay off the loan. What is the loan's rate of interest?Ten years ago Jim took a mortgage loan of $200,000 to be repaid in 20 equal annual installments of $30,197.34. The bank has told him that they would accept $145,000 today as payment in full for the remainder of the loan. What is the balance on this loan? If we assume that Jim has the money, what interest rate must he earn on alternative investments in order not to accept the bank offer?
- Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Maya borrowed $700 from a lender that charged simple interest at an annual rate of 6%. When Maya paid off the loan, she paid $126 in interest. How long was the loan for, in years? If necessary, refer to the list of financial formulas.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?