If your receive $500 in simple interest on a loan that you made for $10,000 for 5 years, what was the interest rate you charged? Please show how you got to the answer

Q: Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have…

A: Simple interest rate = (P*R*T)/ 100 where, P= principal amount  R= interest rate T= time Here, P=…

Q: Interest can be computed more frequently than one time a year Select one: O True O False

A: Interest is the price of money that is borrowed.

Q: You can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How…

A: Monthly Mortage payments is  M = $800The annual Interest Rate is      7% The monthly interest rate…

Q: 4. What is the annual interest rate if a simple interest loan of $15,000 for four months yields $975…

A:

Q: How long will it take for a money to quadruple itself if invested at 12% simple interest rate.

A: The future value in the case of simple interest is calculated by the following formula.  A = P ( 1 +…

Q: Discount 1,650 for 4 months at 6% simple interest. What is the discount ?

A: Discount = P*R*T/100 P = Principal Amount R = Rate of Interest T = Duration (in Years) Here, P =…

Q: David is planning to contribute $8,000 a year into a mutual fund that earns an average of 8% per…

A: In economics, present value refers to the current value of future steam of cash flow. Future value…

Q: We need to find an effective interest rate that covers the payment period. Illustrate this concept…

A: Effective interest rate can be described as the interest rate gained or paid in actual on a project.…

Q: Find FV: You have $2,000 in a savings account that earns 1.5% interest per year. What will be the…

A: Future value is the value of an asset present at a future date based on an expected growth rate…

Q: You can afford a $1500 per month mortgage payment. You've found a 30 year loan at 7% interest…

A: Given:- Mortgage payment amount=$1500 Time frame=30 Years Interest rate=7% Please find detailed…

Q: Jack promises to pay $1000 at the end of 6 months in obtaining a loan from a banker B who charges 6%…

A: Annual interest rate can be calculated by using the following formula.

Q: 7. Lawrence takes out a loan for $8000 to start a business after high school. The bank charges him…

A: Here, given information is, Lawrence loan amount (P): $8000 Interest rate (r): 8% per year Time…

Q: Mary Smith took out a loan of $75,000. The loan runs for five years at a minimum interest rate of…

A: here we calculate how much is each monthly payment to Mary Smith by following method given below

Q: . Mr. Robles got a $1500.00 loan for 2 years. He paid $80 in interest. What was the interest rate?

A: PV = 1500 FV = 1580 N = 2 Years r = ?

Q: borrowed $25,000 with an add-on rate, 6% for three years, and I have to make veekly payments. Jsing…

A: 8832 would be for 1 year If for one week $184 184*48=8832 For 3 years 8832*3=26496 $26496 is…

Q: Mary plans to borrow $10,000 now to start a business. She promised to repay the entire principal…

A: Compound interest: A=P1+r100nWhere, A=AmountP=Principalr=Rate of interestn=Time(In years)

Q: 2. is/are repaid in monthly payments. O Bankruptcy Credit O Installment loans IOU's

A: An installment loan is normally a one-time loan that provides amount in a lump sum. Lender…

Q: The loan was made 3 years and 4 months at 6% simple interest. The principal interest amount of the…

A: We have been given the following information. Time (t) = 3 years and 4 monthst = 3 + (4/12) yearst =…

Q: Define the term Interest?

A: Interest refers to the amount of money that an individual gets paid for investing or lending money…

Q: If you borrow $ 30,000 at 6% simple interest per year for seven years, how much will you have to…

A: Simple Interest = (Principal * Rate * Time) / 100 ie SI = (P * R * T) / 100 Amount = Principal +…

Q: Living in retirement 25 years Retirement age 65 Annual income $100,000 Interest Rate 6% Need 2…

A: Answer - Need to find- Present value  Given in the question- Living in retirement 25 years…

Q: You want to buy a $13,000 car. The company is offering a 2% interest rate for 60 months (5 years).…

A: Loan amount of $13000 is the principal amount which is charged an interest rate of 2%. The number of…

Q: 7. Sharon borrowed P3400 from a bank which charged the rate of 8% from February 16, 2004 to April…

A: First, the number of days needs to be calculated. 2004 is a leap year and therefore, February will…

Q: Can you explain the meaning of a 20% annual percentage rate (APR) quotedby the credit card company?

A: Annual percentage rate (APR) applies to the interest rate charged annually to borrowers and billed…

Q: What is the compounding process?

A: The interest rate earned on a financial asset or paid on a financial obligation can be applied in…

Q: To have a total of $10,000 after 8 years, what principal do you have to deposit in a 4.5 percent…

A:

Q: You can afford a $900 per month mortgage payment. You've found a 30 year loan at 6.5% interest. a)…

A: Given  Monthly mortgage payment A = $900 Time t= 30 years  Rate of interest =6.5% compounded…

Q: What type of interest is the capital invested in a transaction is principal and at any time after…

A: Interest can be determined in two ways: simple interest or compound interest. Simple interest is…

Q: Joseph buys a new home using an interest only loan where he pays only the interest on the value of…

A: The value of home (P) = $200000 Interest payment on home (r ) = 5% Time (t) = 1

Q: You take out a loan of $12,000 to pay for a piece of equipment. You plan to repay the loan in 16…

A: Suppose you want to pay the first installment at the end of the year. So 16 equal payments of $1100…

Q: . Irish is offered to invest in a business firm that will make her money earn 6% compounded

A: Bio monthly has two meaning one is twice in one month or happening every  two months .  Here i…

Q: Use Excel to calculate the total interest on a car loan paid monthly given the following values:…

A: Rate of interest =4.39% p.a.                             =4.39/12 =0.366 approx  Total Interest=…

Q: What is the difference between Nominal Rate and Effective Rate of Interest? Is 10% per year…

A: The time value of money refers to the concept that a sum of money is worth more now than the same…

Q: accounts. How much will Mr. Jones have in his savings account in thirteen years if $50,000 is put in…

A:

Q: Calculate the simple interest due on a 58-day loan of $1300 if the interest rate is 5%. (Round your…

A: Given: Loan (P) = $1300 Interest rate (r) = 5% Time period (n) = 58365

Q: Compare the interest rates, fees, and other items between 3 mortgage companies or banks for a 15…

A: The rate of interest is that the quantity charged on prime of the principal by a loaner to a…

Q: You borrowed an amount of $15,000 and paid it $20,223 in 3 years. If the interest rate was…

A: A = P(1+r12)nt  P is principal amountA is future amout to be paidr is interst rate n is compounding…

Q: The is an initial payment toward the purchase of the item financed.

A: Credit purchase refers to a type of purchase in which the buyer does not make a payment through cash…

Q: 2. A bank charges 11% discount on short term loans. Find the sum received by the borrower who…

A: given that, principal sum is Php1.500 interest rate is 11% the time period is from 03 October 2011…

Q: You borrow $500 from a family member and agree to pay it back in six months. Because you are part of…

A: Interest rate: It refers to the rate at which the person who had borrowed money from any person has…

Q: Josie wants to be able to celebrate her graduation from CSULA in 55 years. She found an annuity that…

A: First let us understand the major points in the question briefly: Investment= P500,000 for Auto…

Q: How many years would it take to take an investment of $28,000 to double 11% annual interest?

A: Present amount is 28000 and future amount is 2*28000 with rate of interest of 11%

Q: If you wish to be a millionnaire at 35 years old, and 5% interest was paid annually, how much should…

A: Interest refers to the payment paid in excess of the principal amount by the borrower to the lender.…

Q: Define interest rate.

A: The price paid by the lender for the use of assets expressed as a percentage of the principal is…

Q: What refers to the ratio of the interest payment to the principal for a given unit of time and…

A: For the production and consumption of goods, economic agents have derived a barter system. In the…

Q: Engineering Economy A man made a loan of $300 to be repaid with $325 at the end of 85 days. What…

A: Amount = Principal + Simple Interest 325 = 300 + 300*r*85/365 25 = 300*r*85/365 r = 25*365/300*85 =…

Q: a

A: An income annuity allows for conversion of part of retirement funds into a stream of guaranteed…

Q: What is the meaning of interest rate

A: Financial institutions play an important role in an economy. They collect money from people who have…

Q: A credit union charges 4% interest per month on the unpaid balance for purchases made on the credit…

A: Interest rate  = 4% per month