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 monthly house payments nessary to amortize the following loan. Find total payments and total interest paid. 198000 at 6.94% for 30 years.The 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.
- Find the monthly payment and the given simple interest amortized loan. $5000, 9.5%, 4 yearsa man borrows money from a bank . he receives the money in 5 equal annual installment of X commencing at t=1 with t in years.He repays the loan with twenty equal annual payment of 100 . if the first payment is due one year after the last installment and the interest rate is i=0.13 the find an equation for XSuppose 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. (Round your answers to the nearest cent.) $7000, 0.085, 4 years (a) find the monthly payment (b) find the total interesta. If you borrow $1,100 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?a. If you borrow $2,200 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?