Someone borrowed 20,000 euros and agreed to pay off his debt after 7 years. At the...
Someone borrowed 20,000 euros and agreed to pay off his debt after 7 years. At the end of the 3rd year he gives the lender 5,000 euros. What is the amount he is going to pay at the end of year 7, if the loan is compounded at an annual interest rate of 6%?
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Someone borrowed 20,000 euros and agreed to pay off his debt
after 7 years. At the...
The present value of a debt is $20,000. To pay off the debt that accrues 8%...
The present value of a debt is $20,000. To pay off the debt that accrues 8% annual interest on the unpaid balance. You will make three payments to pay off the loan- at year 2 your payment will be $5000; at year 3 your payment will be $7000. What will be the final payment amount in year 5? $13,562 $14,923 $10,640 $15,981
Three years ago Jake borrowed R7 500 from Martha. The condition was that he would pay...
Three years ago Jake borrowed R7 500 from Martha. The condition was that he would pay her back in seven years’ time at an interest rate of 11,21% per year, compounded semi-annually. Six months ago he also borrowed R25 000 from Martha at 9,45% per year, compounded monthly. Jake would like to pay off his debt four years from now. (a). The amount of money that Jake will have to pay Martha four years from now is (b). After seeing...
Cal Lury owes $37,000 now. A lender will carry the debt for six more years at...
Cal Lury owes $37,000 now. A lender will carry the debt for six more years at 7 percent interest. That is, in this particular case, the amount owed will go up by 7 percent per year for six years. The lender then will require that Cal pay off the loan over the next 14 years at 10 percent interest. What will his annual payment be?
Please show the work, thanks! 8. Herman has agreed to repay a debt by using the...
Please show the work, thanks!
8. Herman has agreed to repay a debt by using the following repayment schedule. Starting today, he will make $100 payments at the beginning of each month for the next two-and-a-half years. He will then pay nothing for the next two years. Finally, after four-and-a-half years, he will make $200 payments at the beginning of each month for one year, which will pay off his debt completely. For the first four-and-a-half years, the interest on...
Your brother-in-law borrowed $2,000 from you 4 years ago and then disappeared. Yesterday he returned and...
Your brother-in-law borrowed $2,000 from you 4 years ago and then disappeared. Yesterday he returned and expressed a desire to pay back the loan, including the interest accrued. Assuming that you had agreed to charge him 10%, and assuming that he wishes to make five equal annual payments beginning in one year, how much would your brother-in-law have to pay you annually in order to pay off his debt? (Assume that the loan continues to accrue interest at 10% per...
Answer the following simple interest questions: 1. Jeff borrowed $25 from his dad to buy a...
Answer the following simple interest questions: 1. Jeff borrowed $25 from his dad to buy a fishing license and promised to pay his dad back in one month. His dad agreed, but said that Jeff must pay 15% annual interest. How much interest will Jeff pay? 2. Anna Maria applied for and received a loan to pay for college. She borrowed $25,000. She must pay the loan back in five years with annual interest of 4%. How much money will...
Herman has agreed to repay a debt by using the following repayment schedule. Starting today, he...
Herman has agreed to repay a debt by using the following repayment schedule. Starting today, he will make $100 payments at the beginning of each month for the next two-and-a-half years. He will then pay nothing for the next two years. Finally, after four-and-a-half years, he will make $200 payments at the beginning of each month for one year, which will pay off his debt completely. For the first four-and-a-half years, the interest on the debt is 9% compounded monthly....
23. a. Jeff borrowed $45,000 from his brother to start a boutique. He repaid him after...
23. a. Jeff borrowed $45,000 from his brother to start a boutique. He repaid him after 38 months. The annual simple interest rate was 6.75%. Determine the total amount he repaid. a. $53,345.45 b. $52,545.00 c. $54,618.75 d. $55,756.00 b. If $20,000 is borrowed at 6.5% for 7 years, what is the simple interest amount on this loan? a. $8900 b. $9100 c. $9320 d. $9360
6. You borrowed $10,000 today and agreed to pay $1,000 per year with an effective annual...
6. You borrowed $10,000 today and agreed to pay $1,000 per year with an effective annual interest rate of 6%. After 5 years, you missed payments 6 & 7. Assuming no penalties for missed payments, please answer the following questions: a) What would be the worth of the outstanding balance at the end of year 7? b) To compensate for the missed payments, you have agreed to pay $1,500 per year starting at the end of year 8. How much...
Cal Lury owes $34,000 now. A lender will carry the debt for eight more years at...
Cal Lury owes $34,000 now. A lender will carry the debt for eight more years at 9 percent interest. That is, in this particular case, the amount owed will go up by 9 percent per year for eight yeers. The lender then will require that Cal pay off the loan over the next 16 years at 12 percent interest What will his annual payment be? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annual payments
Please show the work, thanks!
8. Herman has agreed to repay a debt by using the following repayment schedule. Starting today, he will make $100 payments at the beginning of each month for the next two-and-a-half years. He will then pay nothing for the next two years. Finally, after four-and-a-half years, he will make $200 payments at the beginning of each month for one year, which will pay off his debt completely. For the first four-and-a-half years, the interest on...
Your brother-in-law borrowed $2,000 from you 4 years ago and then disappeared. Yesterday he returned and expressed a desire to pay back the loan, including the interest accrued. Assuming that you had agreed to charge him 10%, and assuming that he wishes to make five equal annual payments beginning in one year, how much would your brother-in-law have to pay you annually in order to pay off his debt? (Assume that the loan continues to accrue interest at 10% per...
6. You borrowed $10,000 today and agreed to pay $1,000 per year with an effective annual interest rate of 6%. After 5 years, you missed payments 6 & 7. Assuming no penalties for missed payments, please answer the following questions: a) What would be the worth of the outstanding balance at the end of year 7? b) To compensate for the missed payments, you have agreed to pay $1,500 per year starting at the end of year 8. How much...
Cal Lury owes $34,000 now. A lender will carry the debt for eight more years at 9 percent interest. That is, in this particular case, the amount owed will go up by 9 percent per year for eight yeers. The lender then will require that Cal pay off the loan over the next 16 years at 12 percent interest What will his annual payment be? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annual payments
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