You borrow $700 and promise to pay back $749 at the end of 1 year. Find interest rates earned.
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- Find the interest rates earned on each of the following. Round your answers to the nearest whole number. You borrow $680 and promise to pay back $782 at the end of 1 year. %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.Calculate the annual payments for a $15,644 loan that you will repay over 5 years. The bank gives you an interest rate of 6.6%.
- You borrow $18826 to buy a car. You will have to repay this loan by making equal monthly payments for 5 years. The bank quoted an APR of 12%. How much is your monthly payment (in $ dollars)? $_______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 numberSuppose that you borrow $17,000 for five years at 6% toward the purchase of a car. Find the monthly payments and the total interest for the loan. The monthly payment is $
- A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for the next 10 years. The nominal annual interest rate is quoted as 12%. (Assume the first instalment is going to be paid 1 month after s/he borrows.) a. Find the amount borrowed by this person. o. How much does this credit worth at the end of the last payment date? c.lf this person decides on closing his/her loan after paying the 34th instalment, how much should s/he pay? It is given that the closing fee of this credit is 1,453 $.Calculate compound interest and effective rateSuppose $ 2,000 is deposited into a savings and loan account that pays 7.5% interest compounded semi-annually. Use compound interest to calculate the following:a. How much money will you have saved after 2 years?b. How much will be owed after 2 years?Suppose that you borrow $11,000 for four years at 6%toward the purchase of a car. Find the monthly payments and the total interest for the loan.
- A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for the next 10 years. The nominal annual interest rate is quoted as 12%. (Assume the first instalment is going to be paid 1 month after s/he borrows.) a. Find the amount borrowed by this person. b. How much does this credit worth at the end of the last payment date? c.lf this person decides on closing his/her loan after paying the 34th instalment, how much should s/he pay? It is given that the closing fee of this credit is 1,453 $.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: $Help