Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose the future value of a 3.25% simple interest loan is $3,826.17 at the end of 160 days. Find the present value of the loan.

image text in transcribed
image text in transcribed
image text in transcribed
Suppose the future value of a 3.25% simple interest loan is $3,826.17 at the end of 160 days. Find the present value of the loan. State your result to the nearest penny. Question Help: Video If $670 is borrowed for 230 days at 4.65% simple annual interest, how much will be repaid at the end of 230 days? Question Help: The city is issuing bonds to raise money for a building project. You obtain a $8200 bond that pays 2% interest annually that matures in 8 years. How much interest will you earn

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

Understanding financial statements

Authors: Lyn M. Fraser, Aileen Ormiston

9th Edition

136086241, 978-0136086246

More Books

Students also viewed these Finance questions