Mary paid back a total of $3500 on an original loan of $900 that charged a simple interest of 8%. How many years was the loan taken out? Round to two decimal places
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Mary paid back a total of $3500 on an original loan of $900 that charged a simple interest of 8%. How many years was the loan taken out? Round to two decimal places
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- How much should you put into 6% saving account in order to have 100,000 in five years?Fred 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 placesUse Excel to calculate the total interest on a car loan paid monthly given the following values: Amount of loan = 13,824 Annual interest rate = 4.39% Length of loan = 5 years Round your answer to the nearest hundredth. Enter your answer as a positive number.
- Nicholas made a deposit of $5,000 in a savings account that earns 2% per year. What is the maximum amount he can withdraw after 21 years?Ella Stein paid $187.50 interest on a loan of $12,000 for 3 months. What was the rate of interest she paid?At what rate of interest will an investment double itself in 10 years?
- How much would you have to deposit now, so that you can withdraw of $10000 starting at the end of year 5, and subsequent withdrawals will decrease a rate of of 10% semiannual year over the previous year’s until at the end of year 8, if the interest rate is 6%, compounded semi-annually? Note: use interest rate with five decimal places.How long does it take (to the nearest whole year) for a money to quadruple in value when the interest rate is 15% compounding per annum? SHOW YOUR COMPLETE SOLUTION: 4 DECIMAL PLACES ONLYIn how many years will an amount be doubled if the interest rate is 6%?
- How many years will it take for the principal amount of Daniel to double if it is invested in an account that gives 10% ordinary simple interest?How much would you have to deposit now, so that you can withdraw of $10000 starting at the end of year 5, and subsequent withdrawals will decrease a rate of of 10% semiannual year over the previous year’s until at the end of year 8, if the interest rate is 6%, compounded semi-annually?use interest rate with five decimal places.Explain Simple Loan considering Articles 1953 to 1955 and 1980