A man made a loan of $102 to be repaid with $129 at the end of 5months. What was the annual (simple) interest rate in %?(write your final answer in % and round it off to two decimal places)Round your answer to 2 decimal places.

SIMPLE INTEREST Simple Interest is Computed by multiplying Principal Amount and Simple Interest…

Answered: A man made a loan of $102 to be repaid…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
A man borrowed $950. Six months later, he repaid the loan (principal and interest) with $1,000. What simple interest rate did he pay? Round your answer to two decimal places.
You just obtained a loan of $15,000 with monthly payments for four years at 5.04 percent interest, compounded monthly. What is the amount of each payment? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
If you leave $5500 in an account earning 9% interest, compounded daily, how much money will be in the account after 2 years? (Round your answer to two decimal places.)
A business analyst deposited $40,000 into an account earning an annual interest rate of 5.2% compounded monthly. If the analyst leaves the money in the account for 2 years, how much interest (in dollars) is earned on the account? Round your answer to the nearest cent.
If you put $259 into a bank account that pays 3.5% interest, compounded 9 times per year, how much interest will the account pay over 2 years? Round your answer to two decimal places if necessary.
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)2. You would like to have an accumulated amount of Php 60,000 in a savings account that pays you an interest of 4.25% compounded monthly for 90 months. how much would you have to invest today?
A loan shark made a loan of $5000 to be repaid with $5500 dollars at the end of two months. What is the simple interest rate?

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A man made a loan of $102 to be repaid with $129 at the end of 5 months. What was the annual (simple) interest rate in %? (write your final answer in % and round it off to two decimal places) Round your answer to 2 decimal places.