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(a) Find the accumulated amount at the end of 10 months on a $2400 bank deposit paying simple interest at a rate of 9%/year. (Round
(a) Find the accumulated amount at the end of 10 months on a $2400 bank deposit paying simple interest at a rate of 9%/year. (Round your answer to the nearest cent.) $ (b) An individual purchased a 5-year, $10,000 promissory note with an interest rate of 6.5%/year compounded semiannually. How much did the note cost? (Round your answer to the nearest cent.) $ (c) loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) Find the periodic payment R required to amortize P = 30,000, r = 2, t = 16, m = 12 $ (d) Josh purchased a condominium 5 years ago for $170,000. He made a down payment of 20% and financed the balance with a 30-year conventional mortgage to be amortized through monthly payments with an interest rate of 3%/year compounded monthly on the unpaid balance. The condominium is now appraised at $270,000. Josh plans to start his own business and wishes to tap into the equity that he has in the condominium. If Josh can secure a new 30-year conventional mortgage at the same rate to refinance his condominium based on a loan of 80% of the appraised value, how much cash can Josh muster for his business? (Disregard taxes. Round your answer to the nearest cent.)
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