2. A bank charges 11% discount on short term loans. Find the sum received by the borrower who requests Phn 1.500 from October 3, 2011 to March 01, 2012. Use exact simple interest.
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- What are the two types of cashflows? Define eachFred takes out a loan for $1300 at an interest rate of 5% for a period of 5 years. Calculate the total amount that Fred must pay back at the end of the loan period. Round your answer to two decimal places1. Mr. Robles got a $1500.00 loan for 2 years. He paid $80 in interest. What was the interest rate?
- Helen borrows $1000. To repay the amount she makes 12 equal monthly payment of $93.12 1- determine the monthly interest rate 2- the nominal rate 3- the effective annual rate 4- the continous rateWhat is the meaning of interest rateGive typing answer with explanation and conclusion Michael can afford car payments of $275 a month for 72 months. The bank will lend him this money at 11.40 percent APR. How much can Michael borrow?
- Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $700 18 16% $ $ $How much money will you have in seven yearsif you deposit $7,000 in the bank at 8.5% interestcompounded daily?Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.
- If your receive $500 in simple interest on a loan that you made for $10,000 for 5 years, what was the interest rate you charged? Please show how you got to the answerof 1 The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.2% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.)9. The price of money Suppose that Rajiv borrows $50,000 at 5% per year to purchase equipment for his business. Complete the following table by calculating the amounts that Rajiv will have to repay in full if he borrows for three different periods (months), assuming compound interest. Period (Months) 30 40 45 Amount (Dollars)