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You borrow $8,000 at an annual interest rate of 7%, and it compounds yearly for 2 years. What is the total amount payable?
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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityIf Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?
- You borrow $8,000 at an annual interest rate of 7%, and it compounds yearly for 2 years. What is the total amount payable? HelpIf you borrow $1,000 and pay back $1,728 in three years, what annual rate of interest are you paying?You borrow a GPM of $120,000 with annual payments and 30-year term. The interest rate is 10%. The payment rises by 2% each year. Questions: 1. What are the annual payments for years 1 to 30? 2. What is remaining balance at the end of each year? 3. What are the interest payment and principal payment for years 1 to 30?
- If you invest $1,000 in an account that pays an annual interest rate of 6.4%, compounded monthly, how long will it take for your money to double?You make two annual payments of $2,000 each (the first payment is made one year from today) into a savings account with 10% annual interest. What is the present value of these payments at the time of the last payment?Suppose you deposit $380 today, $565 in one year, and $929 in two years in an account that pays an annual rate of interest of 18.91%. How much money will be in the account after three years?
- DoIf you deposit $2000 in an account that pays 3.6% with quarterly compounding, what is the balance after six years? How much interest is earned?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
