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 following ways.
__________Annually
__________Quarterly
1. Simple Interest = Principal * Rate* Time/100
Rate = 765*100/(3750*6) = 3.4%
2. Simple Interest = Principal * Rate* Time/100 = 1900*8%*10/100
= 15.20
3. Simple Interest = Principal * Rate* Time/100
Time = 63*100/(3.5*225) = 8 years
4. Amount annually = 16000*(1+4%)15 =
28815.10
Amount Quarterly
= 16000*(1+4%/4)15*4
= 29067.15
Please Discuss in case of Doubt
Best of Luck. God Bless
Please Rate Well
Find the interest rate on a loan charging $765 simple interest on a principal of $3750...
Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.) $14,000 at 5% for 10 years if the interest is compounded in the following ways. (a) annually $ (b) quarterly $ Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $29,000 after 7 years at 3% if the interest is compounded in the following ways. (a) annually $ (b) quarterly $
Simple and Compound Interest a. For each of the following notes, calculate the simple interest due at the end of the term. Round to the nearest dollar. Note Principal Rate Term $18,000 4% 6 years $18,000 6% 4 years $18,000 8% 3 years Note 1 $ Note 2 $ Note 3 5 b. Compute the amount of interest due at the end of the term for each of the above notes assuming interest is compounded annually. Use Excel or a...
Find the missing interest earned. Principal Rate Compounded | Time Final Amount Compound Interest $12256 % quarterly 5 years $1649.90 The amount of compound interest earned is $|| (Round to the nearest cent as needed)
Sophie received a $32,750 loan from a bank that was charging interest at 4.50% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 4 years? Round to the nearest cent b. What was the amount of interest charged on the loan over the 4-year period? Round to the nearest cent
Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $22,000 after 8 years at 3% if the interest is compounded in the following ways. _________annually __________quarterly Find the effective rate of the compound interest rate or investment. (Round your answer to two decimal places.) 25% compounded monthly. [Note: This rate is a typical credit card interest rate, often stated as 2.1% per month.] ________% Since 2007, a particular fund returned 13.9% compounded monthly....
Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $26,000 after 6 years at 5% if the interest is compounded in the following ways. (a) annually $ (b) quarterly $
For the following investment, calculate the present value (principal) and the compound interest. Round your answers to the nearest cent. Compound Amount Term of Investment Nominal Rate (%) Interest Compounded Present Value Compound Interest $130,000 14 years 8 annually $ $
Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $27,000 after 6 years at 3% if the interest is compounded in the following ways. (a) annually $ (b) quarterly tी
Find the total amount due for the simple interest loan. (Round your answer to the nearest cent.) $6100 at 5.3% for 4 years 9 months.
Compare simple and compound interest (compounded annually) on a principal of $25,000 at an annual rate of 4%. Find the number of years it takes for the the difference of the TOTAL using Simple interest and TOTAL using compound interest (compounded annually) to reach more than $1000.