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- Solve the following exercise by using the compound interest formula. Do not round intermediate calculations. Round your answers to the nearest cent. Principal Time Period(years) NominalRate % InterestCompounded CompoundAmount CompoundInterest $14,650 8 2.4 quarterly $ $Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal Interest rate date borrowed date repaid exact time interest Maturity value $1,000 8% March 08 June 9 TABLE 7.1 Exact days-in-a-year calendar (excluding leap year)* Day of month 31 January 28 February 31 March 30 April 31 May 30 June 31 July 31 August 30 September 31 October 30 November 31 December 1 1 32 60 91 121 152 182 213 244 274 305 335 2 2 33 61 92 122 153 183 214 245 275 306 336 3 3 34 62 93 123 154 184 215 246 276 307 337 4 4 35 63 94 124 155 185 216 247 277 308 338 5 5 36 64 95 125 156 186 217 248 278 309 339 6 6 37 65 96 126 157 187 218 249 279 310 340 7 7 38 66 97 127 158 188 219 250 280 311 341 8 8 39 67 98 128 159 189 220 251 281 312 342 9 9 40 68 99 129 160 190 221 252 282 313 343 10 10 41 69 100 130 161 191 222 253 283 314 344 11 11 42…Complete the following, using exact interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Principal Interest rate Date borrowed Date repaid Exact time Interest Maturity value $1,200 12% July 7 Jan 10
- Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Principal Rate(%) Time(days) InterestMethod Interest Maturity Value(in $) $3,300 % 162 Exact $220 $Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Maturity Value (in $) Principal $3,300 Rate (%) % Time Interest (days) Method 168 Exact Interest $220Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. $ Principal 1,328 Interest rate 5% Date borrowed June 08 Date repaid January 19 Exact time Interest Maturity value
- Solve the following exercise by using the compound interest formula. Do not round intermediate calculations. Round your answers to the nearest cent. Principal Time Period(years) NominalRate % InterestCompounded CompoundAmount CompoundInterest $900 5 5.5 annually $ $Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal Interest rate date borrowed date repaid exact time interest Maturity value $1,325 12% July 12 January 08 TABLE 7.1 Exact days-in-a-year calendar (excluding leap year)* Day of month 31 January 28 February 31 March 30 April 31 May 30 June 31 July 31 August 30 September 31 October 30 November 31 December 1 1 32 60 91 121 152 182 213 244 274 305 335 2 2 33 61 92 122 153 183 214 245 275 306 336 3 3 34 62 93 123 154 184 215 246 276 307 337 4 4 35 63 94 124 155 185 216 247 277 308 338 5 5 36 64 95 125 156 186 217 248 278 309 339 6 6 37 65 96 126 157 187 218 249 279 310 340 7 7 38 66 97 127 158 188 219 250 280 311 341 8 8 39 67 98 128 159 189 220 251 281 312 342 9 9 40 68 99 129 160 190 221 252 282 313 343 10 10 41 69 100 130 161 191 222 253 283 314 344 11 11…Complete or fill in the entire chart for the below annuities by filling in all the blanks # Payment and frequency (PMT) Time in years (n) Interest rate and compound frequency (I/Y) Present Value (PV) Future Value (FV) 6) $370.00 per end of quarter 9 years 5% compounded quarterly Not Applicable _______________ 7) $100.00 per month 5 years 6 % compounded monthly ______________ Not Applicable 8) $__________per year 8 years 12 % compounded annually $10,000 Not Applicable 9) $2,000 per quarter __________years 8.75 % compounded quarterly Not Applicable $112,181.65 10) $3,000 every 6 months 24 payments ____________% compounded semi-annually $50,000 Not Applicable 11) $_________ monthly 15 years 18% compounded monthly Not Applicable $1,000,0000 12) $1,690 every 3 months _________ years 2 ¼ % compounded quarterly…
- Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal Interest Rate Date borrowed date repaid exact time interest maturity $1,400 9% March 09 June 11Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal interest rate date borrowed date repaid exact time interest maturity value $1,500 12% May 15 January 16Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Principal Rate(%) Time(days) InterestMethod Interest Maturity Value(in $) $15,000 13 days Ordinary $730