PROBLEM 6. On a sum of P15,000 for 2 years, if the difference between compound interest and simple interest is P 96. Find the rate of interest per annum.
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- You deposit $200 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 15 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $How quickly will 500$ will grow to 2000$ pesos if interest is 5% compounded quarterly?You can afford a $1500 per month mortgage payment. You've found a 30 year loan at 7% interest compounded monthly.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?$
- How long will it take GH¢2,000 to accumulate GH¢800 interest at 10% compounded quarterly?A bank saving account offers 4% compounded on a quarterly basis. A customer deposit $200, in this type of account, at the start of each quarter starting with the first deposit on the first of January and the fourth deposit on the first of October. What is the total amount in his account at the end of the year?PROBLEM 6. On a sum of P15,000 for 2 years, if the difference between compound interest and simple interest is P 96. Find the rate of interest per annum.
- Find the nominal interest compounded quarterly equivalent to 12.00% effective interest?You were entitled to receive $5,000 at the end of six months for the rest of your life. If the interest rate is 10% compounded monthly, what is the present value of perpetuity? can someone explain how come the answer is 97,936.84?The following equation describes the conversion of a cash flow into an equivalent equal- payment series with N= 8 years. n represents a specific year. Draw the original cash flow diagram. Assume an interest rate of 5% compounded annually. A=[$200+$100(F/A, ,10 %,5%, 3) (F/P,5%, 4)-$50(P/A,5%, 4) (F/P,5%, 5)] (A/F,5%,8) Original Cash Flow=? 0 1 2 3 4 5 6 7 8
- An investment of $2658 is made at the beginning of each month for 4 years and 11 months. How much will the investment be at the end of the term, if interest is 5% compounded monthly? Round your answer to 2 decimal places.What is the present value of a series of 6 payments of $5,000 each at 7.25%compounded annually?Jane deposits $5,000 in a bank account that earns 6% interest compounded semi-annually. How much money will she have after 10 years?