Lonnie needs extra money to buy a truck to start up a delivery service. He takes out a simple interest loan for $4000.00 for 3 months at a rate of 5.25% . How much interest must he pay, and what is the future value of the loan? interest: $57.27 ; future value: $4057.27 interest: $52.50 ; future value: $4065.50 interest: $630.00 ; future value: $4630.00 interest: $52.50 ; future value: $4052.50

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Q: Jacob already knows that he will have $650,000 when he retires. If he sets up a payout annuity for…

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Q: After 10 years, you have made 1/3 of the payments. Why isn't 1/3 of the loan balance paid off?

A: We can solve it mathematically and show that after 10 years only a partial principal amount is paid…

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Q: If you lend $4000 to a friend for 15 months at 8% annual simple interest, find the future value of…

A: Given: P=4000r=0.08n=1512 The formula for future value: FV=PV1+rn

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A: Here, the annual payments of consol is $4 and the current interest rate is 5 %. Price of the consol…

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Q: Use the formula for the future value of an ordinary annuity to solve for n when (formula in image)…

A: using the given formula we need to calculate value of n.

Q: in order to start a small business a student takes out a simple interest loan for $4000 for nine…

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Q: Jimmie has a job at an advertising agency earning $54000 per year. Jimmie is currently 26 years old…

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Q: If you lend $7,000 to a friend for 16 months at 9% annual simple interest, find the future value of…

A: given that lend amount, P=$7000 for 16 months,  T=1612years=43 years  rate of interest , R=9% annual…

Q: If you lend $3800 to a friend for 15 months at 10% annual simple interest, find the future value of…

A: We know:- Simple interest = PRT ⇒P=initial amount ⇒R=Rate of interest⇒T=Time in years

Q: Although each payment is the same, with each successive payment the interest portion and the portion…

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Q: Trevor plans on getting a $222,000 loan for 30 years to purchase a home lender a offers him a 5%…

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Q: Gregory Mines Corporation wishes to purchase a new piece of equipment in 4 years. The estimated…

A: it is known that  number of compounding factor = lengths of time ×4 given length of time = 4 years…

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A: To determine which of the below two offers is best for Ali. (A) Immediate cash purchase of…

Q: When Albertina opened her law​ office, she bought ​$13,000 worth of law books and $7400 worth of…

A: Given: Albertina bought $13000 worth of law books and $7400 worth of furniture. She paid $1200 down…

Q: 2. Emma availed of a cash loan that gave her an option to pay P10,000 monthly for 1 year. The first…

A: We will find out the required value.

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A: Interest problem

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Q: Mitchell has been given the option of either paying his $800 bill now or settling it for $812 after…

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Q: Suppose you have budgeted $ 1025 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Let x be the mortgage amount that offered.

Q: Salim wants to remodel his game room in 3 years. He estimates the cost to be $19317. Find the…

A: Use sinking fund formula.

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Q: Salim wants to remodel his game room in 8 years. He estimates the cost to be $15238. Find the…

A: Consider the given information, The future value is FV=$15238, the time is 8 years and the rate is…

Q: Solve the problem. If an entrepreneur applies for a loan amounting to P500, 000 in a bank, the…

A: Given: The amount of loan is P=500,000. The simple interest (S.I) is P157,500. The time (t) is 3.…

Q: Suppose you want to purchase a $ 165000 house. If you put 20% down and finance the rest in a 25 year…

A: # Given: principal amount p=$165000 20% down payment  25 year mortgage  interest rate r=5.5%  then…

Q: Darnell Enterprises constructed an addition to its building at a cost of $70,000. Extra annual…

A: Net cash flow can be calculated as follows:

Q: Adam Kaminski just received a signing bonus of $1,600,000. His plan is to invest this payment in a…

A: Consider the signing bonus as principal, that is P= $1,600,000. r=7% As Adam plans to establish the…

Q: Angela deposits $4000 into an account with an APR of 4.6% for 12 years find the future value of the…

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Q: You want to buy a $33,000 car. You can make a 10% down payment, and will finance the balance with a…

A: The purchasing price of the car is $33,000. I have paid 10% payment on cash. Then the remaining…

Q: Nabras borrows OMR 4800 for 10 months at a simple interest rate of 8% per year. Determine the…

A:

Q: Salim wants to remodel his game room in 5 years. He estimates the cost to be $16166. Find the…

A: Given data set: Rate of interest = 3% Time period = Annuity term= 5 years Type of annuity= Ordinary…

Q: Olivia was planning to replace the old car of his father when it retires after four years with a…

A: Given: at t1 ,deposit (D1)=$ 10,000at t2 ,deposit (D2)=$ 10,000at t3 ,deposit (D3)=$ 10,000Rate of…

Q: You want to buy a $25,000 car. You can make a 10% down payment, and will finance the balance with a…

A: To find the monthly payments

Q: If you lend $3100 to a friend for 15 months at 8% annual simple interest, find the future value of…

A: P=$3100r=8%⇒r=8100=0.08t =15 months⇒t=1512=1.25  in years   formula: I=Prt

Q: David deposited P2,500 for 2 years at 10% compounded annually and earned a compound interest of…

A: Given that the principle amount=2500And compound interest=525So the future value= 2500+525=3025

Q: Keith was receiving rental payments of $2,000 at the beginning of every month from the tenants of…

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Q: What is the present value of a mortgage that costs $2400 per month for 5 years at an annual interest…

A: Given, Monthly payment= PMT= $ 2400 n= terms in months= 5*12= 60 months i= rate of interest per…

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A: Given

Q: Johnson Trucking Company wil have a $40,000 payment due in 5 years. How much would they need to…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: Mark and Natalie want to buy a house selling for $120,000. They will put $20,000 down  as a down…

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Q: Mitchell has been given the option of either paying his $800 bill now or settling it for $816 after…

A: There are 2 types of interest are there, simple interest and compound interest. Simple interest is…

Q: a new car is to be purchased for Ş14 500. A car dealer computes the monthly payment to be $267 for…

A: PV=A[(1-(1/1+R)^n)/r^(P)] PV=initial amount A=regular withdrawal amount n=number of years/period…

Q: A newspaper advertisement offers a 9000 car for nothing down and 36 easy monthly payments of 302.50…

A: Given ,  A newspaper advertisement offers a $ 9000 car for nothing down and 36 easy monthly payments…

Q: Planning to give his son a car as a gift when he graduates from college 2 years from now, Adam…

A: From the question we know the time(t) is 2 years, n is 12 ( compounded monthly) and rate(r) is…