A. Simple Interest = Principal × Rate × Time = $16,000 × 0.08 × 3/12 = $320
B. Total Amount Owed = Principal + Simple Interest = $16,000 + $320 = $16,320
Complete the following table: Simple Interest Total Amount Owed Principal Interest Rate Time $16,000 8% mos.
Question 7 What is the total amount owed using simple interest? Where the loan amount is $120,000 at 0.12 interest rate for 5 years. Answer:
Find the interest rate on a loan charging $765 simple interest on a principal of $3750 after 6 years. __________ Find the simple interest on the loan. $1900 at 8% for 10 years. _________ Find the term of a loan of $225 at 3.5% if the simple interest is $63. __________ Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $16,000 at 4% for 15 years if the interest is compounded in the...
Complete without using table: (Round the "Total Amount" and "Total Interest" to the nearest cent.) # of Periods to Principal Time Rate of Compound be Total Amount Total Interest When Compounded Quarterlyſ Compounded $ 1,500 1 year 12 %
Complete the following without using Table12.1. (Round the "Total amount" and "Total interest to the nearest cent.) Principal Time (years) Compounded Periods Rate Total amount Total interest Rate of compound interest 10% $ 1,450 Quarterly
The amount of Principal is $3000, and the annual interest rate is 12%. Answer the following questions. (a) What is the effective annual interest rate if compounded monthly? Calculate Total payback after 2 years in a lump sum. (b) What is the simple annual interest rate to generate the same amount of payback as (a) in two years with the principal of $3000?
Solve for Principal. (Round your answer to the nearest cent.) Principal Interest rate Time Simple interest $ 5.50% 3 1 4 years 314years $310
Calculate the value of x. Interest Amount Principal / Present Value Interest Rate (per year) Time $2009 7.34% 12 months х Answer: Calculate the value of x. Maturity / Future Value Principal / Present Value Interest Rate (per year) Time $3308 10.13% 121 days Answer: Five months ago, Sarah borrowed $1100 from Joe. When she borrowed the money, they agreed she would pay 5% p.a. in simple interest. Sarah pays Joe back today. What is the principal amount? Select one:...
solve: principal $6,000 rate time 6 months simple interest $330 looking for the rate
principal: $60,000 interest rate: 12% time (in days using ordinary interest): simple interest: $3600 what is the time in days using ordinary interest?
Suppose that $150,000.00 is owed on a house. The monthly payment for principal and interest at 10.0% for 30 years is 150•$8.77572 = $1316.36. The total interest charged is the total amount paid minus the amount financed. What is the total interest that will be paid?