A friend lends you $200 for a week, which you agree to repay with 7% one time interest. How much will you have to repay?
Amount lended=$200
Interest rate=7%
Amount to repay=200+7% of 200
=200+(7×200)/100
=200+14
=$214
Amount to repay=$214
A friend lends you $200 for a week, which you agree to repay with 7% one...
QUESTION 3 Suppose a friend lends you $400 for 30 days, which you agree to repay with 7% simple interest. How much will you have to repay?
1. Heather lends a friend $18,000 for which her friend will repay him $36,000 at the end of 11 years. What interest rate is Heather charging her friend? (Round to 2 decimal places) 2. What is the present value of an annuity of $140 received at the end of each year for 12 years? Assume a discount rate of 8%. The first payment will be received one year from today (round to nearest dollar). 3. You decide you want your...
Question 11. You lend a friend $10,000, for which your friend will repay you $27,027 at the end of 5 years. What interest rate are you charging your friend"?
Suppose you borrow $200 from a payday lender for one week at a weekly rate of 10%. You'll obviously owe $220 at the end of a week. If you are unable to repay the loan, however, the lender will say that you now owe not only $220 but also 10% of that $220 at the end of the second week. How much will you owe by the end of the second week? $ If you still can't repay any of...
If you buy a computer directly from the manufacturer for $ 3,343 and agree to repay it in 60 equal installments at 1.98 % interest per month on the unpaid balance, how much are your monthly payments? How much total interest will be paid? Your monthly payment is $ ? (Round to two decimal places.) The total interest paid is $ ? (Round to two decimal places.)
Suppose you borrow $200 from a payday lender for one week at a weekly rate of 10%. You'll obviously owe $220 at the end of a week. If you are unable to repay the loan, however, the lender will say that you now owe not only $220 but also 10% of that $220 at the end of the second week. Under this scenario, it turns out that after n weeks of not repaying anything you would owe 200 × 1.1n...
You borrow $5000 to help pay your college expenses. You agree to repay the loan at the end of 5 years at 9% interest, compounded monthly. (Round your answers to two decimal places.) (a) What is the maturity value of the loan? $ (b) How much interest are you paying on the loan?
Your friend offers to sell you her car for $30,000 today. You agree to pay $14,000 today but the balance in exactly 17 months when you expect to have some cash. How much will you need to pay your friend in 17 months if the interest rate is 8% per annum compounding monthly?
Suppose that you borrowed $400 from a friend and promised to repay the loan by making 3 annual payments of $100 at the end of each of the next 3 years, plus a final payment of $200 at the end of year 4. What is the interest rate implicit in this agreement?
Suppose that you borrowed $400 from a friend and promised to repay the loan by making 3 annual payments of $100 at the end of each of the next 3 years, plus a final payment of $200 at the end of year 4. What is the interest rate implicit in this agreement?