Finding the Principal: Complete the table. Principal Rate Time Interest 12% 2 years 3,000 8% 9 months 30,000 13.1% 210 days 9,170 12% 2 years 28,000 9% 1 ½ years 6,750

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Answered: Finding the Principal: Complete the…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.3: Arithmetic Sequences And Series

Problem 39E

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The Truth in Lending Act Many lending agencies compound interest more often than yearly, and, as we noted in Example P.2, they are required to report the annual percentage rate, or APR, in a prominent place on the loan agreement. Furthermore, they are required to calculate the APR in a specific way. If r is the monthly interest rate, then APR is calculated using APR=12r. a. Suppose a credit card company charges a monthly interest rate of 1.9%. What APR must the company report? b. The phrase annual percentage rate leads some people to believe that if you barrow 6000 from a credit card company that quotes an APR of 22.8%, and if no payments are made, then at the end of 1 year, the interest would be calculated as 22.8% simple interest on 6000. How much would you owe at the end of a year if interest is calculated in this way? c. If Interest is calculated monthly which is common, then the actual amount you would owe in the situation of part b is given by 60001.01912. What is the actual amount you would owe at the end of a year?
A man holds a note of $4,000 that has an interest rate of 11% annually. The note was made on March 17 and is due November 12. He sells the note to a bank on June 13 at a discount rate of 10% annually. Find the proceeds on the third-party discount note. (Use the banker's rule.) The proceeds are ?

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Principal	Rate	Time	Interest
	12%	2 years	3,000
	8%	9 months	30,000
	13.1%	210 days	9,170
	12%	2 years	28,000
	9%	1 ½ years	6,750

Finding the Principal: Complete the table.​ Principal Rate Time Interest 12% 2 years 3,000 8% 9 months 30,000 13.1% 210 days 9,170 12% 2 years 28,000 9% 1 ½ years 6,750

Finding the Principal: Complete the table. Principal Rate Time Interest 12% 2 years 3,000 8% 9 months 30,000 13.1% 210 days 9,170 12% 2 years 28,000 9% 1 ½ years 6,750