A bank loaned out $10,500, part of it at the rate of 2% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $270.00. How much was loaned at each rate...
A bank loaned out $14,000, part of it at the rate of 6 % per year and the rest at 14 % per year. If the interest received in one year totaled $1500, how much was loaned at 6 %?
Abank loaned out $11,000, part ofitatthe rate of 6% per year How much ofthe $11,000 did the bank loan out at 6%? and the rest at 16% per year if the interest received in one year totaled $1500, how much was loaned at
You take out student loans to help pay for your degree at a 5% annual interest rate. Assume the bank expected inflation to average 3% per year. What real interest rate did they expect to earn from your loan? What happens if inflation is actually 5% per year? Who is better off if inflation is higher than expected? What if it is lower than expected? Why?
I need the SEMI-annual rate as well as the effective annual rate for both State and Frost. Please help me answer these below, I am running out of chances on the assignment system, and just cannot figure this out.... Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $ 155,000 for 6 months. State Bank has offered to lend the funds at an annual rate of 8.7% subject to a 9.6% compensating balance. (Note: Weathers currently maintains...
(6 pts) Michelle borrows a total of $5000 in student loans from two lenders. Bank A charges 4.6% simple interest and Bank B charges 6.2 % simple interest. She must pay off the entire balance at the end of 3 years. At that time, Michelle will owe $762 total interest on both loans. How much money did Michelle borrow from each bank? Identify the unknowns. Write and solve a system of linear equations using the simple interest formula, I Prt....
Larry Mitchell invested part of his 5-40,000 advance at 4% annual simple interest and the rest at antal simple interest if his total yearly interest to both accounts was $1.480, find the amount invested at each rate
2. How much interest is earned in an account by the end of 8 years if $24,000 is deposited at the beginning of year 1 and interest is 4.4% per year, compounded semi-annually? 3. If you wish to accumulate $53,000 in 7 years, how much must you deposit today in an account that pays annual interest rate of 8%, with quarterly compounding of interest? 4. If you deposit $9,000 at the end of each year for 9...
21. A total of $10,000 is invested in two accounts, one If the interest earned for the first year was paying 5% annual interest and the other 6%. $540, how much did she invest in the account paying 5%? 21. A total of $10,000 is invested in two accounts, one If the interest earned for the first year was paying 5% annual interest and the other 6%. $540, how much did she invest in the account paying 5%?
How much should I invest today in a bank account that offers an annual interest rate of a 12% compounded monthly, in order to be able to afford infinite monthly payments, the first one of them to be of 200 €, and the amount of the further payments increasing in a 0.2% month after month?
How much interest is earned in an account by the end of 5 years if $30,000 is deposited and interest is 4% per year, compounded semi-annually? What is the balance in an account at the end of 10 years if $6,500 is deposited today and the account earns 3% interest compounded annually? If you wish to accumulate $50,000 in 10 years, how much must you deposit today in an account that pays annual interest rate of 8%, with semi-annual compounding...