Mary Singer borrowed $20,000 at an annual interest rate of 8% and paid off the loan, principal, and interest after several years with a $30,000 check. The number of years she has had the privilege of using the money is
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- katy took out a loan for $12000 over 3 years, if her total loan repayments amounted to $18750, calculate the interest charged.Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. $95,037.72$103,940.74 $112,256.00$113,556.00Quinn opened an account with an initial deposit of $2500. At the end of the 2nd and 8th years, he deposited $3000 and $5050, respectively while at the end of the 5th year, withdrew $3000. The account earned 2% nominal annual interest compounded semiannually for the first 3 years, 3% annual effective rate of discount for the next 2 years, and 3.5% annual effective interest rate for the remaining time. How much will Quinn have in his account at the end of the 12th year? and determine Quinns average annual rate of return for the 12-year period.
- Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per monthCarie purchased a car for $49,000; she paid $4900 as a down payment and financed the balance amount at 3.5% compounded monthly for 4.5 years. What was the amount of interest charged for the entire loan?Helen contributed $500 at the end of every month for the past 5 years into an RRSP account, earning 3.8% p.a. compounded quarterly. If she leaves the accumulated contributions for another 4 years in the RRSP at the same rate of interest How much will Helen have in total in her RRSP account? How much did she contribute? How much will be the interest?
- NikulJennifer Nelson deposited $500 into a savings account earning 3%, compounded semiannually. After 5 years, she took the money and moved it into an account earning 3.8%, compounded quarterly. Four years later she withdrew all the money. How much money was in the account after 9 years?Alicia received a 30 year loan of $280,000 to purchase a house. The interest rate on the loan was 2.30% compounded semi-annually. using calculator method
- 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.Shelley Katz deposited $30,000 in a savings account at 5% interest compounded semiannually. At the beginning of year 4, Shelley deposits an additional $80,000 at 5% interest compounded semiannually. At the end of 6 years, what is the balance in Shelley’s account?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?