4. [0/2 Points] DETAILS PREVIOUS ANSWERS WANEFMAC6 2.1.007. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Find the present value PV of the given investment. (Round your answer to the nearest cent.) An investment earns 4% per year and is worth $70,000 after 9 years. PV = Submit Answer 5. [0/2 Points] DETAILS PREVIOUS ANSWERS WANEFMAC6 2.1.012. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Find the present value PV of the given investment. (Round your answer to the nearest cent.) An investment earns 8% per year and is worth $60,000 after 11 months. PV = $ X 6. [-/2 Points] DETAILS WANEFMAC6 2.1.013. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Compute the specified quantity. You take out a 6-month, $1,000 loan at 8% simple interest. How much would you owe at the end of the 6 months? HINT [See Example 2.] (Round your answer to the nearest cent.) $7. [-32 Points] DETAILS WANEFMAC6 2.1.016. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Compute the specified quantity. Your total payment on a 3-year loan, Wthh charged 5.5% simple interest, amounted to $50,660. How much dld you originally borrow? HINT [See Example 4.] [Round your answer to the nearest cent.) $|:| B. [-32 Points] DETAILS WANEFMAC6 2.1.017. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Compute the specified quantity. A 6-year bond costs $2,000 and WlII pay a total of $100 interest over its lifetime. What is its annual interest rate r? HINT [See Example 3.] (Round your answer to three decimal places.) 9. [-32 Points] DETAILS WANEFMAC6 2.1.021. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Compute the specified quantity. A $5,000 loan, taken now, with a simple interest rate of 5% per year, will require a total repayment of $5,750. At what time twill the loan mature? 10. [0/3 Points] DETAILS PREVIOUS ANSWERS WANEFMAC6 2.1.025. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Compute the specified quantity. You are expecting a tax refund of $5,000 in 10 weeks. A tax preparer offers you an "interest-free" loan of $5,000 for a fee of $50 to be repaid by your refund check when it arrives in 10 weeks. Thinking of the fee as interest, what simple interest rate would you be paying on this loan? HINT [See Example 6.] (Round your answer to three decimal places.) X % 11. [-/3 Points] DETAILS WANEFMAC6 2.1.029. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Compute the specified quantity. Layaway plans allow you, for a fee, to pay for an item over a period of time and then receive the item when you finish paying for it. In November 2011, Senator Charles E. Schumer of New York warned that the holiday layaway programs recently reinstated by several popular retailers were, when you took the fees into account, charging interest at a rate significantly higher than the highest credit card rates. Suppose that you bought a $72 item on November 15 on layaway, with the final payment due December 15, and that the retailer charged you a $4 service fee. Thinking of the fee as interest, what simple interest rate / would you be paying for this layaway plan? (Round your answer to three decimal places.) r = % Submit Assignment Save Assignment Progress