Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Demar takes out a loan according to the information below. How much money will he owe when he has to repay the loan? table

Demar takes out a loan according to the information below. How much money will he owe when he has to repay the loan?
\table[[Loan Amount,\table[[Rate of Compound],[Interest per Year]],Compounding Period,Time],[$8000,5.6%,Monthly,6 years]]
a. $15383.57
c. $11093.63
b. $8943.46
d. $11185.97
7. How many compounding periods are there in an investment shown below?
\table[[Principal,\table[[Rate of Compound],[Interest per Year]],Compounding Period,Time],[$6000,2.4%,Monthly,3 years]]
a.12
c.36
b.3
d.32
8. Calculate the present value of the investment kescribed by the information below.
\table[[\table[[Rate of],[Compound],[Interest per Year]],Compounding Period,Time,Future Value],[4.8%,Quarterly,2 years,$9000
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Technical Analysis Of Stock Trends

Authors: Robert D. Edwards, John Magee, W.H.C. Bassetti

9th Edition

0814408648, 978-0814408643

More Books

Students also viewed these Finance questions