Homework Answers
Single Payment: Outstanding balance of Principal + Accrued Interest.
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2. Six months ago John borrowed $1300 and agreed to pay $550 and $750 three and...
(S marks) Seven months ago Amir agreed to pay Robert three payments of ssoo, $700 and...
(S marks) Seven months ago Amir agreed to pay Robert three payments of ssoo, $700 and $900 in four, twelve and eighteen months from the date of the agreement. No payments have been made and Amir and Robert have renegotiated the terms of the agreement to make one single payment six months from today. If the agreed upon rate of interest was 6% per annum. what is the size of that single payment? 244.3 t SSgu -75.BU8 3. (4 marks)...
Two debts, the first of $1900 due three months ago and the second of $1300 borrowed...
Two debts, the first of $1900 due three months ago and the second of $1300 borrowed two years ago for a term of four years at 8.6% compounded annually, are to be replaced by a single payment one year from now. Determine the size of the replacement payment if interest is 7.5% compounded quarterly and the focal date is one year from now. The size of the replacement payment is $ (Round to the nearest cent as needed. Round all...
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...
ment stream consists of three payments:$1000 due today, $1500 due 70, days from A pay today,...
ment stream consists of three payments:$1000 due today, $1500 due 70, days from A pay today, and $2000 due 210 days from today what single payment, G0 days from today, is economi ically equivalent to the payment stream if money can be invested at a rate of З 5%? Payments of $1300 due five months ago and $1800 due three months from Now are to be replaced by a single payment at a focal date one month from Now. what...
Un July 1, a man borrowed $2000 at 6% simple interest. He paid $500 on August...
Un July 1, a man borrowed $2000 at 6% simple interest. He paid $500 on August 30 and $600 on September 29. Find the balance on October 29 of the same year. A man owes $100, due in two months, and $400, due in eight months. His creditors have agreed to settle his debts by two equal payments in four months and ten months, respectively. Find the size of each payment if the rate of interest is 6% and the...
ASSIGNMENT 2 QUESTIONS b) to $2000.00? 9. Sarah deposited $4500 into a savings account on July...
ASSIGNMENT 2 QUESTIONS b) to $2000.00? 9. Sarah deposited $4500 into a savings account on July 17, 2018 that earned simple interest of 2.25%. How much interest was earned and paid into her account on December 1, 2018? 10. Find the size of the deposit that must be made to earn $65 in 150 days at 2.50%. 11. What rate of interest makes deposit of $2000 earn $22 in 91 days? 12. If 45 is earned at 2.5% on a...
1.Next summer you are planning a trip to Ibiza that will set you back roughly $4100....
1.Next summer you are planning a trip to Ibiza that will set you back roughly $4100. You have decided to put money aside starting November 30th 2012, with additional, equal payments on February 28th 2013 and May 31st 2013. You wish to have the total sum of the required money for July 31st 2013. Assuming that only the three equal payments are made, how large should the payments be if you earn a simple interest rate of 5%? 2. 5...
Module 4 Hand- in Assignment a. 1. You deposit $1000 into a bank account that pays...
Module 4 Hand- in Assignment a. 1. You deposit $1000 into a bank account that pays 10% simple. How much interest would you earn if: You left the money in for 6 years. b. You left the money in for 9 months. c. Your deposit was on April 6 and you withdrew the money on December 23 the same year d. You made a deposit October 28, and withdrew the money September 21, the next year. 2. 18 months ago...
John Barton is both excited and amazed. Excited because on graduating from college one year ago...
John Barton is both excited and amazed. Excited because on graduating from college one year ago at age 22, he landed a good job with a commercial leasing firm and he is enjoying the work. His company has good benefits and has just given him a raise so that in his next (2nd) year of employment he will be earning $55,000 per year. He is amazed because even with this raise he feels that money is just as scarce as...
John Barton is both excited and amazed. Excited because on graduating from college one year ago...
John Barton is both excited and amazed. Excited because on graduating from college one year ago at age 22, he landed a good job with a commercial leasing firm and he is enjoying the work. His company has good benefits and has just given him a raise so that in his next (2nd) year of employment he will be earning $55,000 per year. He is amazed because even with this raise he feels that money is just as scarce as...
(S marks) Seven months ago Amir agreed to pay Robert three payments of ssoo, $700 and $900 in four, twelve and eighteen months from the date of the agreement. No payments have been made and Amir and Robert have renegotiated the terms of the agreement to make one single payment six months from today. If the agreed upon rate of interest was 6% per annum. what is the size of that single payment? 244.3 t SSgu -75.BU8 3. (4 marks)...
Two debts, the first of $1900 due three months ago and the second of $1300 borrowed two years ago for a term of four years at 8.6% compounded annually, are to be replaced by a single payment one year from now. Determine the size of the replacement payment if interest is 7.5% compounded quarterly and the focal date is one year from now. The size of the replacement payment is $ (Round to the nearest cent as needed. Round all...
ment stream consists of three payments:$1000 due today, $1500 due 70, days from A pay today, and $2000 due 210 days from today what single payment, G0 days from today, is economi ically equivalent to the payment stream if money can be invested at a rate of З 5%? Payments of $1300 due five months ago and $1800 due three months from Now are to be replaced by a single payment at a focal date one month from Now. what...
Un July 1, a man borrowed $2000 at 6% simple interest. He paid $500 on August 30 and $600 on September 29. Find the balance on October 29 of the same year. A man owes $100, due in two months, and $400, due in eight months. His creditors have agreed to settle his debts by two equal payments in four months and ten months, respectively. Find the size of each payment if the rate of interest is 6% and the...
ASSIGNMENT 2 QUESTIONS b) to $2000.00? 9. Sarah deposited $4500 into a savings account on July 17, 2018 that earned simple interest of 2.25%. How much interest was earned and paid into her account on December 1, 2018? 10. Find the size of the deposit that must be made to earn $65 in 150 days at 2.50%. 11. What rate of interest makes deposit of $2000 earn $22 in 91 days? 12. If 45 is earned at 2.5% on a...
Module 4 Hand- in Assignment a. 1. You deposit $1000 into a bank account that pays 10% simple. How much interest would you earn if: You left the money in for 6 years. b. You left the money in for 9 months. c. Your deposit was on April 6 and you withdrew the money on December 23 the same year d. You made a deposit October 28, and withdrew the money September 21, the next year. 2. 18 months ago...
John Barton is both excited and amazed. Excited because on graduating from college one year ago at age 22, he landed a good job with a commercial leasing firm and he is enjoying the work. His company has good benefits and has just given him a raise so that in his next (2nd) year of employment he will be earning $55,000 per year. He is amazed because even with this raise he feels that money is just as scarce as...
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