A man borrowed an amount of S10,000 to a bank. The bank agreed considering that the interest rate is 5% annually. Determine the amount that the man paid the bank if he borrowed last January 01, 1900. The man paid the bank dated November 30, 1900. Use exact simple interest.
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8. A man borrowed an amount of S10,000 to a bank. The bank agreed considering that the
interest rate is 5% annually. Determine the amount that the man paid the bank if he
borrowed last January 01, 1900. The man paid the bank dated November 30, 1900. Use
exact simple interest.
Step by step
Solved in 2 steps
- What are the two types of cashflows? Define eachAssume, 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.Discuss and illustrate the different types of annuity.
- of 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.)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% $ $ $Tom Evers an attorney is planning for retirement. He earns $126,000 a year and estimates that he will need 80% of his salary for retirement in 10 years. Tom invests him money in Citizen's Bank at 6% compounded quarterly. How much money would Tom have to put in the bank today to have enough for retirement?
- Give 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?A set aside $500 annually in a trust fund which allows interest at 5% effective. What amount does A have to his credit just after the 15th deposit has been made?2. A savings bank offered you 6% nominal interest compounded every 2 months. You deposited $4,000. a) How much money will you get back after 5 years? b) What is the effective interest rate?
- Use the add-on method of calculating interest to find the total interest and the monthly payment. Amount of Loan Length of Loan Interest Rate 3.5% $1050 18 months The total interest is $ (Type an integer or decimal rounded to the nearest cent as needed.) The monthly payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as needed.) 80 Q C F5 MacBook Air C F6 F7 DII F8 8 F9 J F10 F11 Next F12Hey can someone help me with this? Explain the main differences between amortization, annuity and installment loans1) You have a goal of saving $1500 over 6 years. Assuming bank interest rates are 5%, What annual deposit amount must be saved