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Help! 1) How much is the discounted loan for, if the borrower receives $1975, and the interest rate was 5% for 10 months? 2) What
Help!
1) How much is the discounted loan for, if the borrower receives $1975, and the interest rate was 5% for 10 months? 2) What simple interest rate does Anne receive on a loan from her sister of $500 for 8 months, if she owed her sister $536 at the end of the loan period? You want to borrow $2500 for 6 months, your two offers are to 4.99% compounded annually or 3.8% compounded monthly. Which of the offers should you choose? Give the payback amount for both rates. 3) 4) On January 1, 2000, Fred invested $10,000 at 6% compounded continuously What will that account be worth on January 1, 2020? b) What is the effective annual rate of interest? 5) If Grandma deposits $500 every quarter into an account for you, for 8 years, and she receives 6.45% interest compounded quarterly, how much money will she have to give you at the end of those eight yearsStep by Step Solution
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