You borrow $1,200 and promise to pay back $1,320 at the end of 1 year. Find the interest rate earned
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- You borrow $700 and promise to pay back $749 at the end of 1 year. Find interest rates earned.You borrow $700 and promise to pay back $749 at the end of 1 year. Find interest rates earned.Find the interest rates earned on each of the following:a. You borrow $720 and promise to pay back $792 at the end of 1 year.b. You lend $720 and the borrower promises to pay you $792 at the end of 1 year.c. You borrow $65,000 and promise to pay back $98,319 at the end of 14 years.d. You borrow $15,000 and promise to make payments of $4,058.60 at the end of each year for 5 years.
- Find the interest rates earned on each of the following. Round your answers to the nearest whole number. You borrow $650 and promise to pay back $793 at the end of 1 year. % You lend $650 and the borrower promises to pay you $793 at the end of 1 year. % You borrow $90,000 and promise to pay back $187,376 at the end of 6 years. % You borrow $11,000 and promise to make payments of $3,359.50 at the end of each year for 5 years.Find the interest rates earned on each of the following: 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 back $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 each year for 5 yearsThe following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.)Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)Total interest $
- Suppose you take out an auto loan for $25,500 over a period of six years at an APR of 7.5%. Determine your monthly payments, the total amount paid, and the percent paid toward interest.Your uncle lends you $2,000 less $100 (interest at 5 percent), and you receive $1,900. Use the APR formula to find the true annual percentage rate. Assume you repay the entire loan in one year. What is the Annual Percentage Rate?You borrow $11,000 and promise to make payments of $3,359.50 at the end of each year for 5 years. What is the interest rate earned? Round your answers to the nearest whole number
- Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $The following loan is a simple interest amortized loan with monthly payments. $155000, 9 1/2%, 30 years(a) Find the monthly payment. (Give your answer to the nearest cent.)Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)Total interest $The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.) $7000, 0.085, 4 years (a) find the monthly payment (b) find the total interest