Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve the points A, B and C, step by step, letter clear A)If $115,000 is borrowed now and $185,950 must be repaid in two years,

solve the points A, B and C, step by step, letter clear

A)If $115,000 is borrowed now and $185,950 must be repaid in two years, what is the annual interest rate on the loan? * Simple interest * Compound interest

B) We make a deposit of $8,400 at 5% simple quarterly for 8 months and then withdraw the total and deposit it for 7 months at 22% simple per year. Calculate the total withdrawn on the second deposit.

C)Find the amount of interest payable after 1 year on a $50,000 loan if simple interest is 8% per month.

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

Finance Applications And Theory

Authors: Marcia Cornett, Troy Adair, John Nofsinger

5th Edition

1260013987, 9781260013986

More Books

Students also viewed these Finance questions

Question

1. What is Ebola ? 2.Heart is a muscle? 3. Artificial lighting?

Answered: 1 week ago