Suppose Kevin borrows $3000 at an interest rate of 3% compounded each year. Assume that no payments are made on the loan. Follow the instructions below. Do not do any rounding.

Q: If you borrow $700 for 6 months at 2% annual simple interest, how much must you repay at the end of…

A: As we know that the formula of the simple interest is:   Simple interest =I=P×r×t   Where,…

Q: If you borrow $2,400 for 4 years at an annual interest rate of 6%, how much will you pay altogether?…

A: When the interest is simple, then the formula used is A=P(1+rt), where, A is the final amount, P is…

Q: The total amount paid on a 5 year loan was $16,000. If the interest rate was 7% and compounded…

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Q: Find the capital value of an office building for which annual rent of $50,000 will be paid in…

A: we have to find the capital value of an office building for which annual rent of $50,000 will be…

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

Q: A $19,000 loan is to be amortized for 10 years with quarterly payments of $606.51. If the interest…

A: Given informationPrincipal loan amount (p) = $19,000Time (t) = 10 yearInterest rate(r) = 5%Quarterly…

Q: How much must you deposit today into an account with quarterly compounding interest and an APR of…

A: please comment if you need any clarification. If you find my answer useful please put thumbs up.…

Q: Jane agrees to buy a car for a down payment of $2000 and payments of $220 per month for 3 years. If…

A: Given:

Q: Kathy Crag, the owner of The Fabric Corner, lent $15,000 to Dani Flynn to open her own card shop.…

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Q: Consider a Bond Mutual fund that gains 3% interest compounded Monthly. If you deposited $66,000 how…

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Q: Find the present value of an ordinary annuity which has payments of $1500 per year for 16 years at…

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Q: The Jones want to save $86,000.00 in 3 years for a down payment on a house. If they make monthly…

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Q: Find the present value of an annuity due that pays $4000 at the beginning of each quarter for the…

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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: What are the semiannual payments?

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Q: Suppose Jane borrows $2000 at an interest rate of 16% compounded each year. Assume that no payments…

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Q: Suppose $250,000 is used to establish an annuity that earns 5%, compounded quarterly, and pays $4500…

A: Solution is in next step

Q: Find the present value of the ordinary annuity. Payments are $57 made quarterly for 10 years at 8%…

A: Find the present value of the ordinary annuity.

Q: No payments were made on a $2,598 loan during its three-year term. What was the annually compounded…

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Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. b. How much will…

A: Given that, the loan amount is P=$175,000, interest rate r=4.5%, time n=30 years and due is monthly…

Q: The present value of an annuity for ten years is $10000. find the quarterly payment or periodic…

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Q: Sam has a balance of $1985 on his credit card. If the interest rate is 14.5% compounded monthly and…

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Q: Find the amount of an annuity that consists of 24 monthly payments of $500 each into an account that…

A: Monthly payment= R= $500 Number of payments = n= 24   Interest = r=i/n= 8%/12 = 0.08/12

Q: A man purchases a $2000 diamond ring for a down payment of $200 and monthly installments of $88 for…

A: Given: Cost price of diamond ring, P = $ 2000 Down payment amount = $ 200 Monthly installment = $88…

Q: Find the amount of an annuity due that consists of 13 monthly payments of $150,provided that the…

A: Given R=$150 n=13r =6%=0.06 To find the amount of an annuity due

Q: Find the lump sum deposited today that will yield the same total amount as payments of $14,000 at…

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Q: An investor deposits $200 each month into an account that pays 6% compounded monthly. How much is in…

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Q: Suppose you want to purchase a $160,00 house. If you put 20% down and finance the rest in a 20 year…

A: # Given: principal amount P=$16000 With 20% down payment  Interest rate r=0.04125 per year  With 20…

Q: Find the time (rounded up to the nearest month) that it takes to pay off a loan of $100,000 at 6%…

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Q: Find the amount of an ordinary annuity of 20 semi-annual payments of P1, 000 if interest rate is 12%…

A: To find The amount of an ordinary annuity.

Q: A relative wills you an annuity paying $4,000 per quarter for the next 10 years. If money is worth…

A: We have given the value of each payment i.e  P= $4000 Rate of interest   (r) = 8%  Total year is 10…

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: If you borrow $600 for 18 months at 8% annual simple interest how much must you repay at the end of…

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Q: The Betzes have leased an auto for 2 years at $400/month. If the money is worth 7%/year compounded…

A: find explanation below

Q: If you take out a $99,000 30-year mortgage at 7.1% compounded monthly: a. What is your Monthly…

A: We are interesting in finding the monthly payment for a  $99,000 mortgage at 7.1 % for 30-year . Use…

Q: An item at a department store is priced at $189.99 and can be bought by making 20 payments of…

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Q: Find the size of periodic payments to be made at the end of each month for 15 years to repay a…

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Q: Steven Nolte owes his parents $47,000 for his college education. Find the required monthly payment…

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

Q: Suppose you make a single deposit of $8000. Calculate the amount of money you will have in the…

A: Given query is to find the amount after 5 years.

Q: If Sandy can afford car payments of ​$430 per month for 7 ​years, what is the price of a car that…

A: We have to find the price of a car that Sandy can afford​ now.

Q: A life insurance company will sell a 23-year annuity paying $1,100 at the end of each month for…

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Q: If a loan P120, 000.00 is to be amortized for 2 years at 12.5% interest compounded monthly, how much…

A: The monthly payment amount can be defined as follows:

Q: A credit union entered a lease contract valued at $5600. The contract provides for payments at the…

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Q: As part of her retirement planning, Mrs. Campbell purchases an annuity that  pays 5% compounded…

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Q: Calculate the amount of money Kayla had to deposit in an investment fund growing at an interest rate…

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Q: Find the present value of an annuity that pays $3,000 at the end of each 6-month period for 6 years…

A: Solution of the problem as follows

Q: If John wants to retire with $10,000 per month, how much principal is necessary to generate this…

A: Given interest per month =$10000 Interest per year =10000x12=$120000 Rate of interest per year =4%

Q: If you borrowed $10,000 for 9 months at 12% annual simple interest, how much must you repay at the…

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Q: Suppose $200,000 is used to establish an annuity that earns 4%, compounded quarterly, and pays $6500…

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