1. Glen received a $2,250 loan from the bank. After six months, he paid back an additional of $145 to the principal amount and closed the loan. Find the rate of interest. (answer must be in decimal form round to the nearest hundredths)

Q: Jim takes out a PHP 350,000 bank loan and plans to pay it off in 36 monthly payments. The first…

A: Solution:- When an amount is taken as loan, it is either to be repaid as lump sum payment or in…

Q: An investor deposits €10,000 in a bank account that pays simple interest at a rate of 5. What will…

A: Time value of money: The time value of money is the idea that the value of money received today…

Q: Mr. Santos borrowed a certain amount from Bank A with an interest of 5% compounded quarterly and he…

A: EMI = P × r × (1 + r)n((1 + r)n-1) where, P= Loan Amount r= Interest rate n= tenure

Q: Find the compound interest earned if PhP 30,860 is deposited in a bank at 2.8% compounded monthly…

A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…

Q: A man invested P1,000 per month on a bank that offers 6% interest compounded annually. How much can…

A: The Concept is of Annuity. Annuity is a series of fixed payments/receipts made at regular interval…

Q: An account executive at Santander branch CETYS, receives a deposit from an important client-student,…

A: The future value of a deposit is the value that a deposit has after it has earned interest for a…

Q: 3. If Php 10,000 was borrowed by Alan at an annual interest rate of 11%, and must be paid in 1 year…

A: Future value refers to the amount of the current asset at the future date which is grounded on the…

Q: Solve the following problems by showing your formula and computation: 1. what is the simple…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: A man borrowed a certain sum of money from a bank which charges interest at 18%, compounded…

A: The borrowed amount is calculated as the present value of payments

Q: A friend has $1,200 that he has saved from his part-time job. He will need his money, plus any…

A: The interest earned on the savings account is determined by multiplying the amount invested with the…

Q: A recent college graduate got a good job and began a savings account. He authorized the bank to…

A: Amount of the present cash flows at a given rate when computed by the future value (FV) factor gives…

Q: You put $9,000 in an account earning 3%. After 2 years, you make another deposit into the same…

A: Deposit now (P1) = $ 9000 Annual interest rate (r) = 3% Deposit after 2 years (P2) = X Balance after…

Q: 1. Suppose that Nora invested $800at 8.5% compounded annually for 7years and Patti invested $800 at…

A: Hi! Thank you for the question, As per the Honor Code, we are allowed to answer one question in case…

Q: Vanessa initially borrowed $6,400 from RBC Bank at 3.64% compounded semi-annually. After 4 years she…

A: The future value function can be used to determine the future value of a sum at a given discount…

Q: Beginning three months from now, you want to be able to withdraw $3,300 each quarter from your bank…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…

Q: A person is planning to open a retirement account. He plans is to deposit $1,000 per month for next…

A: Periodic Deposit = $1,000 Time Period = 45 Years

Q: Suppose a bank pays you 2% annual interest compounded quarterly. You deposited $2,350. How much will…

A: Computation:

Q: Shaun deposits $3,000 into an account that has an annual rate of 2.9% compounded continuously. How…

A: Deposited amount (PV) is $3,000. Annual rate is 2.9% compounded continuously. Period is 2 years 9…

Q: What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest…

A: Information Provided: payment made = $150 Term = 16 months Interest rate = 6% compounded monthly

Q: a businessman borrowed Php4000 to be paid after 1 1/2 years with interest at 10% compounded semi-…

A: Loan 1 value = Php 4000 Interest rate = 10% per annum = 5% semiannually Duration = 1.5 years = 3…

Q: nifer deposited $54,000 at Bank of America at 20% interest compounded quarterly. a) What is the…

A: In this we need to find out the effective annual rate.

Q: Zaim bought a low-cost terrace house for RM35,000. He paid a 10% down payment and the balance was…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…

Q: Grace and Donna deposited PHP 8,000 in a saving account at 5 3/4%. if interest is compounded…

A: a. The interest rate in the problem is 5 3/4% or 5.75%. b. Php 8000 is the amount of deposit…

Q: 1.Jude borrowed money from the bank.He received Php 18,000 & promised to pay Php 22,750 at the end…

A: Simple Interest: It is computed by multiplying the simple interest rate by the principal and the…

Q: a Let A, be the balance of the loan after n months. find series expression for An

A: Time value of money (TVM) refers to the method used to measure the amount of money at different…

Q: Billy Thornton borrowed $155,000 at a rate of 7.25%, simple interest , with interest paid at the end…

A: The interest that Billy would have to pay in a 30-day month is computed as shown below:   Interest…

Q: A bank offers an investment account with an annual interest rate of 1.49% compounded quarterly.…

A: Using excel FV function

Q: A man borrowed P300,000 from a bank and agreed to pay the loan at the end of a month. The bank…

A: Maturity amount (F) = P 300,000 Net proceeds (P) = P 250,000 Period (n) = 1 Month = 1/12 Year

Q: Suppose that $850,000 is invested in a savings account paying 5.25% interest per year. (Round…

A: the given information  amount = $850,000 interest rate = 5.25%

Q: You have borrowed $130,000 to buy a new motor home. Your loan is to be repaid over 15 years at 8%…

A: Therefore, the principal amount paid in month 2 is $378.19.

Q: hannon made periodic deposits into a savings account at the end of every month for 2 years. The…

A: The future value of monthly deposit includes the principal amount deposited and interest accumulated…

Q: You deposit  GHS10,000 today into an account paying 6% annual interest and leave it on deposit for…

A: As per Bartleby answering guideline, we can answer only one question, if student post more than one…

Q: John and Susan just opened savings accounts at two different banks. Each deposited $1,000. John's…

A: Given information: Deposit amount $1,000 John bank pays 10% annual rate Susan bank pays 9.5% annual…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: given, annuity due, monthly payment = $130 number of period= 16 the table given in the question is…

Q: You borrow Php 1,000,000.00 for one year from a friend at an interest rate of 14 per month instead…

A: Borrowing = 1,000,000 Time Period (N) = 1 year   Option 1. Bank Loan at 13% per year   Option 2.…

Q: If you put $259 into a bank account that pays 3.5% interest, compounded 9 times per year, how much…

A: Workings:

Q: Problem 5: An account executive at Santander branch CETYS, receives a deposit from an important…

A: The future value is the accumulated value of a deposit along with interest. Annual deposits are the…

Q: you deposit $5,000 in a bank t years ago. Your current account balance is $8,200, and the bank…

A: Given: Particulars Amount Present value(PV) $5,000 Future value(FV) $8,200 Interest rate…

Q: The owner of a hotel borrowed $36,000 at 7.8% p.a. compounded semi-annually and agreed to repay the…

A: The question is based on the concept of Loan and amortization

Q: John bought a condo for RM 630,000. He made a 15% down payment and financed the balance through a…

A: MONTHLY PAYMENT: PMT=P×rm1-1+rm-m×n p=loan amount (principal) m=frequency of compounding n=number of…

Q: An individual makes six annual deposits in a savings account starting one year from now that pays…

A: Number of annual deposits (n) = 6 Interest rate up to 6 years (r) = 10% Interest rate after 6 years…

Q: 3. The PC Shop obtains a loan from a finance company. It is to be repaid by quarterny payments of…

A: Present Value of annuity = Annuity * PVAF ( Quarterly rate, Number of quarters ) Present Value of…

Q: A new engineering graduate who started a business borrowed money for 1 year. The amount of the loan…

A: When a person is in a need of short-term borrowings he can take the amount short term borrowing by…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Month deposit (P) = $ 130 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Period (n) =…

Q: You deposited $250 in the bank for 5 years at 12%. If interest is added at the end of the year, how…

A: Interest is the addition in the value deposited in the bank. It can be simple or compound for the…

Q: Marlon borrowed 15,000 Php from a lending company that charges a simple interest rate of 11%.…

A: Borrowed amount = 15000 Php. Interest rate = 11%

Q: A man borrowed Php 6,000 from a bank and agreed to pay the loan at the end of 10 months. The bank…

A: An interest rate is the percentage of a loaned value that a lender owes the borrower as interest,…

Q: You will be able to deposit $4,000 at the end of each of the next 5 years in a bank account paying…

A: We need to use future value formula to calculate future value of single deposit and future value of…

Q: At the end of 3 years, what is the balance?

A: Time value of money (TVM) refers to the method or technique which is used to measure the amount of…