ZuoTi.Pro
Question

A loan shark has offered to loan you $375,200.00 today so that you can afford the...

A loan shark has offered to loan you $375,200.00 today so that you can afford the house of your dreams. The only catch is that he wants you to repay him $619,400.00 exactly 4.00 years from today. You are very tempted as you want the house really badly. What is the rate of interest on the Shark’s loan?

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Function Arguments RATE Nper 4 Pmt 0 1375200 Pv 375200 Fv -619400 个 -619400 Type - number 0.133514533 Returns the interest raHence, rate of interest is 13.35%

0 0
Add a comment
Know the answer?
Add Answer to:
A loan shark has offered to loan you $375,200.00 today so that you can afford the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • A loan shark has offered to loan you $311,600.00 today so that you can afford the...

    A loan shark has offered to loan you $311,600.00 today so that you can afford the house of your dreams. The only catch is that he wants you to repay him $574,800.00 exactly 5.00 years from today. You are very tempted as you want the house really badly. What is the rate of interest on the Shark’s loan?

  • A loan shark has offered to loan you $384,900.00 today so that you can afford the...

    A loan shark has offered to loan you $384,900.00 today so that you can afford the house of your dreams. The only catch is that he wants you to repay him $568,700.00 exactly 4.00 years from today. You are very tempted as you want the house really badly. What is the rate of interest on the Shark’s loan? Answer Format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places...

  • A loan shark has offered to loan you $348,100.00 today so that you can afford the...

    A loan shark has offered to loan you $348,100.00 today so that you can afford the house of your dreams. The only catch is that he wants you to repay him $518,300.00 exactly 4.00 years from today. You are very tempted as you want the house really badly. What is the rate of interest on the Shark’s loan? A couple with a new baby girl want to set aside money today that will cover her four years of college. This...

  • A loan shark offers to give you $5,909.00 today, but, in exchange, he wants you to...

    A loan shark offers to give you $5,909.00 today, but, in exchange, he wants you to pay him $7,868.00 in one year. What is the rate of interest being charged on the account? Answer Format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))

  • A couple invests $8,705.00 today in a money market fund that pays 6.00% per year. What...

    A couple invests $8,705.00 today in a money market fund that pays 6.00% per year. What is the value of this account in exactly one year? A loan shark offers to give you $5,274.00 today, but, in exchange, he wants you to pay him $6,876.00 in one year. What is the rate of interest being charged on the account? A young graduate looks to save money to buy a house 4.00 years from today. He is somewhat conservative and will...

  • James wants to take out a loan. He can afford to make monthly payments of 100...

    James wants to take out a loan. He can afford to make monthly payments of 100 dollars and wants to pay the loan off after exactly 30 years. What is the maximum amount that James can afford to borrow if the bank charges interest at an annual rate of 8 percent, compounded monthly? (Give your answer, in dollars, correct to the nearest dollar.) Nicola borrows 60000 dollars from a bank that charges interest at an annual rate of 10 percent,...

  • Question 18 1 pts Your brother has offered to loan you $500 for two years. At...

    Question 18 1 pts Your brother has offered to loan you $500 for two years. At the end of the year you must repay him $1,300. What is the effective interest rate on this loan if interest is compounded daily? 61.25% 53.66% 80.00% 47.81% 58.50%

  • Jack wants to buy a boat today today but has realised that if he takes out...

    Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $800 quarterly, with payments made at the beginning of each quarter, over the next 5 years. How much can he spend on his boat today if the interest rate is 13.4% per annum compounded quarterly? Select one: a. $11911.92 b. $11525.80 c. $3159.94 d. $2786.54

  • Suppose you want to buy a car today. If you can afford payments of $493 per...

    Suppose you want to buy a car today. If you can afford payments of $493 per month and want to pay the loan back over the next 7 years. Assuming no down payment is required, how much can you borrow if the bank will charge you an annual percentage rate of 3% APR? (Work out the problem on separate sheet of paper before entering the answer.) Answer: Check Suppose you racked up $33317 of student loan and the interest is...

  • 9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can he afford today to borrow to purchase a car? (NOTE: show results and show...

    9) Sue can afford $500 a month for 3 years for a car loan. If the interest rate is 4 percent compounded monthly, how much can he afford today to borrow to purchase a car? (NOTE: show results and show calculations used in financial calculator-which formula and the inputs into TVM Solve/Grid below) In Finance calculator- TVM Solver- show your inputs and then output Page 519 Values Entered (inputs) END PMT: END or BGN PV P/N PMT FV Solve for...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT