Question

1. the total amount due for the simple interest loan. (Round your answer to the nearest...

1. the total amount due for the simple interest loan. (Round your answer to the nearest cent.)

$6300 at 5.3% for 4 years 9 months

2.the principal of a loan at 5.2% if the simple interest after 5 years 6 months is $2574.

Homework Answers

Answer #1

I am attaching the pictures of solution. If you find my answer helpful please press thumbs up button.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following loan is a simple interest amortized loan with monthly payments. (Round your answer to...
The following loan is a simple interest amortized loan with monthly payments. (Round your answer to the nearest cent.) $170,000, 9 1/2%, 35 years (a) Find the monthly payment. $   (b) Find the total interest. $
Find the interest rate on a loan charging $1026 simple interest on a principal of $4750...
Find the interest rate on a loan charging $1026 simple interest on a principal of $4750 after 6 years. Find the principal of a loan at 4.2% if the simple interest after 5 years 6 months is $1386. Find the term of a loan of $100 at 4.5% if the simple interest is $36. How much should be invested now at 5.2% simple interest if $9828 is needed in 5 years?
1.Find the present value of the following ordinary annuities. Round your answer to the nearest cent....
1.Find the present value of the following ordinary annuities. Round your answer to the nearest cent. Amount per Payment Payment at End of Each Time (Years) Rate of Investment Present Value $3,300 6 months 8 12% $ 2. Find the amount of the following annuities due and interest earned. Round your answer to the nearest cent. Amount of Each Deposit Period Rate Time (Years) Amount of Annuity $7,500 quarterly 8% 8 $ 3.Find the amount of each payment needed to...
Find the total amount due for a simple interest loan of $9,000 at 3% for 6...
Find the total amount due for a simple interest loan of $9,000 at 3% for 6 years.             Discuss how the total amount of a simple interest loan will change if the rate was cut in half?
Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.)...
Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $28,000 after 7 years at 4% if the interest is compounded in the following ways. (a) annually $   (b) quarterly $
Find the monthly payment for the loan. (Round your answer to the nearest cent.) $200 loan...
Find the monthly payment for the loan. (Round your answer to the nearest cent.) $200 loan for 12 months at 10%
1.) calculate the present value of annuity. Round answer to the nearest cent. $1800 monthly at...
1.) calculate the present value of annuity. Round answer to the nearest cent. $1800 monthly at 6.2% for 30 years. *NOTE: i keep getting 293,879.98 which is incorrect. 2.) since 2007, a particular fund returned 13.5% compounded monthly. How much would a $6000 investment in this phone have been worth after two years? Round your answer to the nearest cent. 3.) In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the...
1. A $1,000bond pays 4 3/4% simple interest per year. What is the total amount paid...
1. A $1,000bond pays 4 3/4% simple interest per year. What is the total amount paid after six years? 2.A friend borrows $2,500, agreeing to pay3.85% simple interest. The loan, plus interest, is to be paid back in seven years. How much interest was paid back to you? How much did you receive in total after the seven years? 3.You lend a friend $3,000. You want your friend to pay you back $4,000in total in five years. What simple interest...
1a.)Calculate, to the nearest cent, the present value of an investment that will be worth $1,000...
1a.)Calculate, to the nearest cent, the present value of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT [See Quick Example 4.] 5 years, at 5.2% per year, compounded weekly (52 times per year) 1b.) Find the effective annual interest rate r of the given nominal annual interest rate. Round your answer to the nearest 0.01%. 13% compounded monthly 1c.) Compute the specified quantity. You take out a 5 month,...
Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.)...
Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $24,000 after 7 years at 3% if the interest is compounded in the following ways. (a) annually $ (b) quarterly $