A loan worth $5600 collect simple interest each year for 12 years. At the end of the time, a total of $7605 is paid back. Determine the APR for this loan.

Q: How much would you need to deposit in an account each month in order to have $30,000 in the account…

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Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…

A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…

Q: One thousand dollars, deposited into an account that pays interest monthly, is allowed to remain in…

A: Interest charged on the principal amount and the interest accrued is known as Compound Interest. It…

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

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Q: 000 certificate in years if the interest rate is 2% compoun

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Q: Find the interest and amount on 1200 at 11 3/8% simple interest for 2 years and 5 months.

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Q: Find the interest and amount on P1,200 at 11 3/8 % simple interest for 2 years and 5 months.

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Q: You have $3,500 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

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Q: If 60,000 was deposited in a bank and became 61, 625 at the end of 150 days, find the interest.

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Q: A bank charges a service fee of 7.50 per month for a checking account. A bank account has 85.00. If…

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Q: You borrow $5000 now and agree to pay this whole amount back in three payments: OW

A: Given, you borrow $5000  now and agree to pay this whole amount back in three payments:Payment 1. $X…

Q: Find the simple interest paid on a $470 loan at 6.9% annual interest for 3 months

A: Given:The principal amount (P) is $470.The rate of interest (R) is 6.9% per year.The number of terms…

Q: |Find the annual simple interest rate of a loan, where $900 is borrowed and where $954 is repaid at…

A: In the given question we have to find the simple interest rate of a lone whose borrowed and repaid…

Q: accumulate enough money for a down payment on a house, a couple deposits $597 per month into an…

A: We will find out the required value.

Q: A bond has a 14000 face value, an 8 year maturity and a 3.05 coupon. Find the total of the interest…

A: Face value = 14000 Coupon = 3.05% Thus interest rate = 3.05% = 0.0305

Q: A radio commercial for a loan company​ states: "You only pay 29¢ a day for each​ $500 borrowed." If…

A: The term per cent means for every hundred. A fraction whose denominator is 100 is called a…

Q: A college student borrows 6200 for nine months to pay for a semester of school if the interest is…

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Q: Dr. Grant borrowed money from his friend with simple interest of 12 %, find the present worth of P…

A: Future Amount (F) = P50,000 interest rate (i) =12% number of months (n)= 9 months

Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

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Q: You have $3,500 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

A: We have to calculate monthly amount.

Q: loan

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Q: You have $3,500 on a credit card that charges a 16% interest rate. If you want to pay off the credit…

A: GivenCurrent balance(PV)=$3500Interest rate=16%Period(n)=3 years=36 MonthsNow use the…

Q: A person owes $1000 on a credit card that charges an interest rate of 2% per month. Complete this…

A: solutionGivenInterest rate=2% per monthowes=1000$

Q: Hernandez Engineering borrows $6,500, at 8% interest, for 150 days. If the bank uses the ordinary…

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Q: You have $3,000 on a credit card that charges a 12% interest rate. If you want to pay off the credit…

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Q: A typical credit card charges 18.99%. Find the interest owed on a credit card with a balance of $372…

A: We will use simple interest formula to solve this

Q: The new balance of a charge account is $145.00. The minimum payment is $30.00. If the interest rate…

A: Step:-1 Given new balance is $145.00 Minimum payment is $30.00 Left balance to be paid =…

Q: A consumer buys a used car for $16000 with monthly payments of $300, an annual interest rate of…

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Q: month

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Q: You have $3,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit…

A: To find the amount need to pay per month

Q: Find the length of the loan in months, if $500 is borrowed with an annual simple interest rate of 9%…

A: Principal (Loan Amount) = $500 Rate of interest = 9% Amount (Loan repaid) = $537.5 We have to…

Q: A friend lends you $860, which you agree to repay with 2% simple interest. How much will you have to…

A: Other

Q: You have taken a loan of $54,000.00 for 37 years at 5.8%o

A: I have provided this answer with full description in step-2.

Q: Ana nec a loan of Pnp120. 000.00 for 15 montns ana paia Pnp360.00 interest. What was the simple…

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Q: A bank is offering 2.5% simple interest on a savings account. If you deposit $5000, how much…

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Q: Divya has a 30-year mortgage for $248,000 with a 3.8% fixed annual interest rate. What is the total…

A: Basic simple interest problem of algebra. Here option (C) is correct the solution is provided below

Q: Your company provides a 50% matching toward your retirement. If you deposit $200 each month into a…

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Q: You have $3,500 on a credit card that charges a 18% interest rate. If you want to pay off the credit…

A: Given- You have $3,500 on a credit card that charges a 18% interest rate. To find- If you want to…

Q: Find the amount due if $400 is borrowed for 14 months at 17% simple interest. Amount = $

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Q: Find the interest and amount on P 800 at 6 ½% simple interest for 9 months

A: It is required to find the interest and final amount after 9 months.

Q: A bank lends $9000 at 7% simple interest. At the end of 1 year, how much interest is owed on the…

A: Given that, P = $9000 r = 7% n = 1 year By formula, Simple Interest = Pnr100

Q: An organization loaned $ 14,000.00 from a bank at 95 interest. They will pay a total of $ 20,300.00…

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Q: Find the interest earned after 3 years if P12 000 is deposited a savings account which earns 5%…

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Q: You have $2,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit…

A: Given: Credit card amount due (PV) = $2000 Annual interest rate (r) = 17% Number of months (t) = 5…

Q: You deposit $1000 each year into an account earning 6.1% interest. How much will you have in the…

A: Given Information :  Amount $1000 deposit each year into an account earning 6.1% interest.  Let,  P…

Q: Find the amount due on a loan of $6500 at 8% simple interest at the end of 4 vear

A: Given P=$6500Rate= 8%Time = 4 yearsWe know that I=PTR100

Q: Find the amount of simple interest on a loan of $3,500 at 9 1/2% interest for 14 years.

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Q: You have $5.000 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

A: Here we will calculate monthly payment to pay off the credit card in 5 years,

Q: Find the amount in the account at the end of 8 years.

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