Question

If $1,000 is borrowed at 15% per year simple interest, the total amount due at the...

If $1,000 is borrowed at 15% per year simple interest, the total amount due at the end of fifteen years is equal to:

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The amount is $3250

------------

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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?
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.
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...
SIMPLE INTEREST: 1. How much is the amount and simple accumulated interest of $ 16,750, to...
SIMPLE INTEREST: 1. How much is the amount and simple accumulated interest of $ 16,750, to 10.75% for five years and seven months? 2. Find the difference between exact simple interest and ordinary simple interest when calculating $ 35,600 to 77 7/8% for 180 days? 3. If you deposited $ 31,740 at what%, would you accumulate an amount of $ 61,000 in seven years? II. COMPOUND INTEREST: 1. Find the amount and compound interest from $ 21,760 to 71⁄4% for...
Simple and compound interest rate 5. I considered an investment of $ 15,000 made in the...
Simple and compound interest rate 5. I considered an investment of $ 15,000 made in the present (year 0) and that remains for 15 years. Determine the total amount accumulated at the end of year 15, if the investment offers (a) a simple interest rate of 8% per year, and (b) a compound interest rate of 8% per year effective 6. If a person requires a loan in the amount of $ 25,000 in the present. If your financial institution...
METHODS OF CALCULATING INTEREST 1.A woman borrowed $2,000 and agreed to repay it at the end...
METHODS OF CALCULATING INTEREST 1.A woman borrowed $2,000 and agreed to repay it at the end of 3 years together with 10% simple interest per year. How much will she pay 3 years hence?
An​ amount, P, must be invested now to allow withdrawals of $1,000 per year for the...
An​ amount, P, must be invested now to allow withdrawals of $1,000 per year for the next 14 years and to permit $350 to be withdrawn starting at the end of year 5and continuing over the remainder of the 14​-year period as the $350 increases by 5​% per year thereafter. That​ is, the withdrawal at EOY six will be ​$367.50,​$385.88at EOY seven​, and so forth for the remaining years. The interest rate is 10​% per year. What is the P...
The total amount of simple interest on a $6,000 note payable for 3 years at 11%...
The total amount of simple interest on a $6,000 note payable for 3 years at 11% is
(a) If $1400 is borrowed at 7% interest, find the amounts due at the end of...
(a) If $1400 is borrowed at 7% interest, find the amounts due at the end of 4 years if the interest is compounded as follows. (Round your answers to the nearest cent.) i)annually ii)quarterly iii)monthly iv)weekly v)daily vi)hourly vii)continuously
Compare the interest earned on $15,000 for 25 years at 7% simple interest with the amount...
Compare the interest earned on $15,000 for 25 years at 7% simple interest with the amount of interest earned if interest were compounded annually. Bank A pays 6% simple interest on its savings account balances. Bank B pays 5.5% interest compounded annually. If you made a $10,000 deposit in each bank, which bank provides you more money at the end of 15 years?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT