Formula to calculate total amount owed ( A)----
P(1+rt/100)
In the question,P=$120000
r=•12
t= 5
Substituting the values in above formula ,we get---_
120,000{1+(•12×5)/100}
=120,720
Amount owed at the end of 5 years
Question 7 What is the total amount owed using simple interest? Where the loan amount is...
The following equation gives the amount of money owed on a loan after a certain amount of time if no payments are made. A = P ( 1 + r/n ) ^nt where: A = the amortized amount (total loan/investment amount over the life of the loan/investment) P = the initial amount of the loan/investment r = the annual rate of interes t n = the number of times interest is compounded each year t = the time in years...
Question6 Rashed plans to take a loan of 100,000 AED to buy a car, the bank available loan options are: Option 1: Total amount owed is due with a single payment at the end of year 10 with 7.5 % simple interest per year. Option 2: Total amount owed is due with a single payment at end of year 8 with 6.5% annually compound interest. Which option should Rashed choose? Match the closest correct answers for the below questions The...
Complete the following table: Simple Interest Total Amount Owed Principal Interest Rate Time $16,000 8% mos.
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.
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest Installment Loan Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. For...
Talender makes a simple loan of $300 for 2 years and charges 7%, then the amount that the lender receive at maturity is $ (Round your response to the nearest two decimal place) talender makes a simple loan of $2500 for one year and charges $150 interest, then the simple interest rate on that loan is % (Round your response to the nearest whole number a borrower must repay $106.50 one year from today in order to receive a simple...
1.Calculate the amount of interest that will be paid on a motorcycle loan of $9,000 with a simple interest rate of 7% over the course of 5 years. 2.Calculate the amount of interest that will be paid on a house that costs $110,000 with a simple interest rate of 4% over 30 years. How much total will eventually be paid for the house? 3.A pontoon boat is being sold for $65,000. With an offer of 6% APR (simple interest)for 10...
Simple Interest USE A 360 DAY YEAR Calculate the simple interest amount and the future value using the simple interest formula. 365 day year Principal Interest Rate Time Simple Interest Amount Future Value $ 18,000 4.5% 18 months $ 21,000 5% 1.75 Years $ 18,000 7.25% 9 months $ 1,000 8% 93 days $ 585 9% 193 days $ 1,200 12% 187 days 1) Leslie Hart borrowed $15,000 to pay for her child’s education. Leslie must repay the loan...
I need steps for the answer 6s PROBLEM 1. what an ount will be owed in S year, i, SS00 "browed now at 10% per year simple interest Answer 57,300 rd:: For what period of time will S500 have to be invested to smount to$625 earns ธ0% simple interes. Per an.suns? Anawer 2.5 years 3. What is the principal amount if the principal plus interest at the end of I years is$14,000 for a simple interest "ase of 12% per...
The following loan is a simple interest amortized loan with monthly payments. The following loan is a simple interest amortized loan with monthly payments. $289,000, 102%, 35 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $