Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve all questions. 6. How many years will it take Jack to pay off his debt of $5,700 at a simple rate of 8.5%

please solve all questions.
image text in transcribed
6. How many years will it take Jack to pay off his debt of $5,700 at a simple rate of 8.5% and pay a total interest of $1,090? 7. Find the principal of a loan taken at 8% for 3 years when the total interest is $516. 8. What is the current value of a loan taken at 3% for 4 years if the interest paid is $1,350? 9. What is the current value of a loan taken at 7% for 5 years if the borrower has to pay a total of $11,500? 10. If you deposit $600 at a bank paying 44% simple interest, how much will you collect after 11 months? 11. If you want your balance to be $8,000 in 4 years and if you deposit your money at a bank paying 62%, how much is the initial deposit? 12. Find the amount of money that $700 would grow to if you leave it for 6 years at a bank paying 112% simple interest? 13. What is the rate of interest for Linda, who saved $2,500 in her havings account and collected $2,590 after 20 months

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

Investment The Study Of An Economic Aggregate

Authors: Philip J. Lund

1st Edition

0444851380,1483256901

More Books

Students also viewed these Finance questions