Suppose you borrowed a certain amount of money 5 years ago at an annual interest rate...
Suppose you borrowed a certain amount of money 5 years ago at an annual interest rate of 2.3% with 152 compounding intervals per year. If you returned $10,973 today, how much interest did you pay?
Homework Answers
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
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Suppose you borrowed a certain amount of money 5 years ago at an
annual interest rate...
Suppose you borrowed a certain amount of money 382 weeks ago at an annual interest rate...
Suppose you borrowed a certain amount of money 382 weeks ago at an annual interest rate of 3% with semiannual compounding (2 times per year). If you returned $10,456 today, how much did you borrow?
Suppose you borrowed a certain amount of money 512 weeks ago at an annual interest rate...
Suppose you borrowed a certain amount of money 512 weeks ago at an annual interest rate of 3% with semiannual compounding (2 times per year). If you returned $13812 today, how much did you borrow? Round your answer to the nearest dollar.
Suzanne borrowed a certain amount of money at an annual simple interest rate of 4.3%, if...
Suzanne borrowed a certain amount of money at an annual simple interest rate of 4.3%, if she returned $5891 after 245 weeks, how much interest did she pay? Round your answer to the nearest dollar.
An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h...
An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h Calculate the repavment amounts if the loan ($15 000) will be repaid in two equal installments of $7.500 each, paid at the end of second and fourth years respectively. Interest will be paid each year Click the icon to view the interest and annuity table for discrete compounding when i- 12%% per year . a. The equal end-of-year payments required to pay off the...
2. You borrowed $6,000.00 for 5 years at 7% annual interest rate. The banker said that...
2. You borrowed $6,000.00 for 5 years at 7% annual interest rate. The banker said that to repay the total loan amount you have to pay $1,463 at the end of each year. a) Draw a time line depicting this cash low b) Build a table to determine how much of the annual payment is interest, and 2 how much principal is there in each annual payment. 4
Elham has borrowed some money 10 years ago. She started repaying it from today with monthly...
Elham has borrowed some money 10 years ago. She started repaying it from today with monthly payments of $100 at the beginning of every month for 40 months. How much has she borrowed 10 years ago if interest rate is 2.4% p.a. compounding quarterly?
Fifteen years ago, Hailey invested $5,000 and locked in an annual interest rate of 6 percent...
Fifteen years ago, Hailey invested $5,000 and locked in an annual interest rate of 6 percent for 30 years (ending 15 years from now). Aidan can make a 15-year investment today and lock in an interest rate of 8 percent. How much money should he invest now in order to have the same amount of money in 15 years as Hailey?
Suppose that you have borrowed $275,000 in the form of a 25-year loan with an annual...
Suppose that you have borrowed $275,000 in the form of a 25-year loan with an annual interest rate of 5.5% with monthly payments and monthly compounding. How much principal will you pay in the 13th year of the loan?
Suppose you have agreed to lend your roommate a certain amount of money today. Your roommate...
Suppose you have agreed to lend your roommate a certain amount of money today. Your roommate has promised to pay you back $5,000 two years from today and $7,000 four years from today. Assume the price of money is 5%, how much money will your roommate receive from you today?
Suppose you want to deposit a certain amount of money into a savings account and then...
Suppose you want to deposit a certain amount of money into a savings account and then leave it alone to draw interest for the next 10 years. At the end of 10 years you would like to have $10,000 in the account. How much do you need to deposit today make that happen? You can use the following formula, which is known as the present value formula, to find out: P = F / (1+ r)^n The terms in...
Suzanne borrowed a certain amount of money at an annual simple interest rate of 4.3%, if she returned $5891 after 245 weeks, how much interest did she pay? Round your answer to the nearest dollar.
An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h Calculate the repavment amounts if the loan ($15 000) will be repaid in two equal installments of $7.500 each, paid at the end of second and fourth years respectively. Interest will be paid each year Click the icon to view the interest and annuity table for discrete compounding when i- 12%% per year . a. The equal end-of-year payments required to pay off the...
2. You borrowed $6,000.00 for 5 years at 7% annual interest rate. The banker said that to repay the total loan amount you have to pay $1,463 at the end of each year. a) Draw a time line depicting this cash low b) Build a table to determine how much of the annual payment is interest, and 2 how much principal is there in each annual payment. 4
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