Question
Hi there I am struggling and have already attempted the following questions however was unable to achieve the correct answer. I appreciate any help and
Hi there I am struggling and have already attempted the following questions however was unable to achieve the correct answer. I appreciate any help and support. I will be sure to rate.
ALL I ask is please provide FINAL answers first then the explanation. Thank you so much!
- 10.18- If a person borrows ?$7,200 and repays the loan by paying ?$300 per month to reduce the loan and 1?% of the unpaid balance each month for the use of the?money, what is the total cost of the loan over 24 ?months?
The total cost of the loan is ?$? (THE ANSWER IS NOT 8028)
2)10.8- A new factory in a small town has an annual payroll of ?$5 million. It is expected that 50% of this money will be spent in the town by factory personnel. The people in this town who receive this money are expected to spend50% of what they receive in the?town, and so on. What is the total of all this?spending, called the total economic impact of the?factory, on the town each?year? Use the formula for the sum of an infinite geometric series.The total economic impact of the factory is ?$? Each year. (THE ANSWER IS NOT2,500,000)
3)10.20- The?government, through a subsidy?program, distributes ?$30,000,000. If each person or agency spends 80?% of what is?received, and 80?% of this is?spent, and so?on, how much total increase in spending results from this goverment?action? (Let a1=24,000,000?.)The total increase in spending will be approximately ?$? (THE ANSWER IS NOT 15,360,000)
4)11.1- Cathy borrowed ?$6,106.00 from her parents to finance a vacation. If simple interest was charged on the loan at 8.21%p.a., how much interest would she have to pay in 45 ?days? The interest charged would be ?$? (THE ANSWER IS NOT 62.66)
5)11.12-Sheridan Service has a line of credit loan with the bank. The initial loan balance was ?$6000.00. Payments of ?$2000.00 and ?$3000.00 were made after four months andsix months respectively. At the end of one?year, Sheridan Service borrowed an additional ?$4000.00. Eleven months?later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage loan if the line of credit interest was 9?% compounded monthly?The amount of the loan is ?$??(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as?needed.) (THE ANSWER IS NOT 5724.428833)
6)10.16- (1.17 IS NOT THE CORRECT ANSWER)
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