Mahesh borrowed 8500 from bank to purchase a cow and after 1 year he paid 9180 back to bank. Find the interest that was given by Mahesh.

Q: Suppose a man took out a 30-year loan with an annual rate of 6% to put an addition on his house. His…

A: Loan year=30 years Interest=6% Computer cost =$ 1,500 Here,we need to find amount of interest paid…

Q: Mrs Shiirley Abundo borrowed 20, 000.00 at 7.5% compounded quarterly at a certain cooperative. How…

A: Here, Borrowed Amount is 20,000 Interest Rate is 7.5% Time Period is 2 year Compounding Period is…

Q: Stefan borrowed money from Sanjeev and agreed to pay back $300 5 months from now and $100 in 11…

A: In finance, the time value of money rule states that the money received earlier is more powerful…

Q: Rayleene is getting a loan to buy a used car from a seller. The price of the car is $8200.00. She…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: Michael borrowed RM420,000 to buy an apartment in Damansara. His loan cost was 6% and he promised to…

A: A loan is a financial arrangement in which a lender provides a specified amount of money, known as…

Q: Jon buys a car for $25,000. He pays $5000 down and pays the balance in 60 equal monthly payments. If…

A: Computation:

Q: Akbar bought a car on loan and pays the simple interest at 5% amounting to RO 3,000 per annum for 5…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: ana has to pay RM1,200 every month for 360 months to settle a housing loan at 4% compounded…

A: Here we will use the concept of time value of money. As per the concept of time value of money the…

Q: Aman has two debts to pay. A $850 due today and a $950 due in 9 months from today. Instead, he wants…

A: Present Value(PV) is value of a future amount at current point of time. It is done by discounting…

Q: magine that the interest rate on your savings account is positive and there is no inflation rate.…

A: Due to  interest rate money grow with time but due to the inflation the value of money decreases…

Q: (2) Jack has deposited P1,000 into a savings account. He wants to withdraw it when it has grown to P…

A: Future value = Present Value* (1+Rate of Interest)t Here t is the time period or we can also say…

Q: 8. Joseph borrowed a single-payment loan of $12,000 at an interest rate of 15%. The term of the loan…

A: For calculating exact interest, 365 days for normal year and 366 days for leap year will be taken as…

Q: 2. Suppose Miss Roxanne Davenport is 25 years old right now and puts away $1,800 per quarter in an…

A: As per the information provided: Age of Miss Roxanne Davenport - 25 years Investment in an account -…

Q: 1. George bought a new car with a 4.1% interest rate for 5 years. The loan is for $35,000. What is…

A: The portion of interest during a particular period can be determined using CUMIPMT function in…

Q: 1. Larry borrowed $1,000 through a loan shark, two years later he ended up paying $1,500 to settle…

A: The Present Value refers to a concept that states the discounted value or say value at today's time…

Q: 5. Megan invests her savings Po into a brokerage account that claims to payout a nominal interest…

A: To determine :   a. b. c.(i) c.(ii) Nominal Interest ? 6% 6% 6% Present Value P0 ? 1000 1000…

Q: Jen Logan bought a home in Iowa for $110,000. She put down 20% and obtained a mortgage for 30 years…

A: Time period = 30 Years Interest rate = 512%Interest rate = 5.5% Down Payment = 20% Price of home =…

Q: Emily receives R1 500,00 from the bank now that charge 10,5% simple discount per annum. She has to…

A: To find the number of months after which Emily pays back the loan, we can use the formula for simple…