Problem 3 EFFECTIVE RATE OF INTEREST. Find the interest rates earned on each of the follow a. You borrow $700 and promise to pay back $749 at the end of 1 year. b. You lend $700 and the borrower promises to pay you $749 at the end of 1 year. C. You borrow $85,000 and promise to pay back $201,229 at the end of 10 years. d. You borrow $9,000 and promise to make payments of $2,684.80 at the end of year for 5 years.

Problem 3 EFFECTIVE RATE OF INTEREST. Find the interest rates earned on each of the follow a. You borrow $700 and promise to pay back $749 at the end of 1 year. b. You lend $700 and the borrower promises to pay you $749 at the end of 1 year. C. You borrow $85,000 and promise to pay back $201,229 at the end of 10 years. d. You borrow $9,000 and promise to make payments of $2,684.80 at the end of year for 5 years.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Q: A debt of $5000 is to be paid off by installments of $2000 30-days from now, $2500 60-days from now,…

A: The formula to calculate the simple interest is I=Ptr100 The amount pending after t years is…

Q: An investment of $1300 is to be used to make payments of $300 at the end of every year for as long…

A: Here, rate of interest=9% Investment amount= $1300 Repayment amount= $300

Q: Your uncle still wouldn't help you after you found your new job. The bills are right this month, so…

A: Solution:- Your uncle still wouldn't help you after you found your new job. The bills are right this…

Q: Find what simple interest rate will be necessary for Sonny to get a 40% return on a $500 investment…

Q: Suppose you see a car with a price of $12,000 that is advertised at $300 per month for 5 years. What…

A: Given: Price of the car=$12000, Payment=$300 per month, time=5 years.

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

Q: Suppose you borrow $7,500 from a bank that charges 4% interest compounded monthly. How much will you…

A: From the given information, it is observed that the Principal is P = $7500, the rate of interest is…

Q: 18. A woman buys a house for a $305,000. She pays $70,000 down and takes out a mortgage at 5.1% for…

Q: Question 9. 24. Lynn bought a $300,000 house, paying 10% down, and financing the rest at 6% interest…

A: Given she bought 300000 dollars costing house, paying 10% down, and financing the rest at 6%…

Q: 2. You purchase a CD for $1000 on which you will earn 2.4% simple interest for each year of the…

Q: The Jackson Five has chosen to invest in an orphanage for misplaced foundlings like Annie, and they…

Q: A man borrows 2,500 for 2 years at 8 1/4%. How much interest will be charged and what will be the…

A: Here use simple interest formula I = PRN/100 N = NO OF YEAR I = INTEREST R = INTEREST RATE P =…

Q: Please draw cashflow diagram) What amount of money invested today at 15% interest rate compounded…

A: Given that the interest rate is 15% and its compounded quarterly and P30,000 at the end of each year…

Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. c. If you pay…

A: Given that, loan amount P=$175,000, monthly payment PMT= $975, Interest rate r=4.5% and frequency of…

Q: major airline is plannin

A: Given that a major airline is planning to purchase new airplanes. It wants to borrow $800 million by…

Q: 3. Madison currently has $72,345 in her retirement account, and her goal is to have at $120,000 in…

A: Given that: Money present, P=$72345Money required in future, F=$120000Rate of interest = 3.5%

Q: How much will need to be paid in full on a loan of $2200, at a rate of 4.2% simple interest for 6…

Q: month

Q: Suppose that you borrow $3000.00 from a friend and promise to pay back $4755.00 in 3 years.…

A: It is given that the principal is 3000, balance is 4755 and time is 3 years. The formula to evaluate…

Q: If an account earns an effective rate of 4%, what will the real rate of interest be if: a.…

A: Here, nominal rate is 4% or 0.04.

Q: 1) James wishes to put $400 into a savings account at the beginning of each three-month period…

A: Investment quarterly Rate of interest : Total time period: year

Q: QUESTION 7. Calculate the monthly payments for Clytemnestra's new Honda. She picks a model that…

Q: Find the simple interest on a $4,520 principal, deposited for 6 years at a rate of 2.25%. Round to…

Q: . If a $28,700 salary is increased 5 percent each year to keep ahead of inflation, what will this…

Q: If you borrow 1500 dollars from a lending agent for 13 weeks and in the end you have to pay back…

A: Formula r = (1/t)(A/P - 1) r = simple interest rate = ? P = principal amount =1500 A = P+ I = 1650…

Q: You have a $8,000 credit card debt, and you plan to pay it off through monthly payments of $200. If…

A: Step 1:Value of balance of credit card(PV) =$8000Monthly Payment(PMT) =$200Interest rate per year…

Q: Jean buys a $64,000 caravan by paying a deposit of $14,000. For the balance, she takes a loan and…

A: The cost of the caravan is $64000 Amount of deposit paid = $14000 Balance after the deposit is paid…

Concept explainers

Equations and Inequations

Equations and inequalities describe the relationship between two mathematical expressions.

Linear Functions

A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.

Question

Problem 3
as
a. You borrow $700 and promise to pay back $749 at the end of 1 year.
D. You lend $700 and the borrower promises to pay you $749 at the end of 1 year.
C. You borrow $85,000 and promise to pay back $201,229 at the end of 10 years.
d. You borrow $9,000 and promise to make payments of $2,684.80 at the end of e
year for 5 years.
Page 34 of 161

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Linear Equations$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.

Similar questions

Question 8 Wynn has just returned from a business trip in Britain with £150 of uncashed traveller's cheques. How much would he receive from the bank when he converts the currency back to Canadian dollars, assuming that the bank offers an exchange rate of C$1.00 = £0.5551 and charges a 0.70% fee to convert the traveller's cheques to Canadian funds? answer(s) should be rounded to the nearest cent. Amount = C$ 0.00
A loan of $26,000 is paid off in 36 payments at the end of each month in the following way: Payments of $650 are made at the end of the month for the first 12 months. Payments of $650 + x are made at the end of the month for the second 12 months. Payments of $650 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 12.2%?
Suppose you owe $18,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. Then your balance after t months is given by B = 18,000(1.02 ✕ 0.95)t dollars. How many payments will you have to make to get the balance below $100?
4. Sally has a balance of $2845 on her credit card. What rate of simple interest is she being charged if she must pay $26.19 interest for the 12 days her payment is late?
6 Janis wishes to invert 7500 into two accounts One account earns 41. annually while the other earns 8% annually. How much should be invested. into each account to each $400 in Foral interest after lone year? Assume simple interest.
If the annual rate of inflation is 4%, find the price of a good at the end of a year if its price at the beginning of the year was $25. of tion Select one: O a. $20 O b. $24 O c $26 O d. $30 O e. $35 page
Solve the following problem set in simple Interest. Show your handwritten solution. What is the interest rate if you are to pay P10,000 from a P4000 principal amount after 3 years?
solve question 19 asap with explanation
QUESTION 2. Calculate the simple interest on $600 left in account that pays 7% annual interest for 8 years. Calculate the simple interest on $700 left in account that pays 8% annual interest for 6 years. Calculate the simple interest on $800 left in account that pays 6% annual interest for 7 years.