
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
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You have a credit card with a balance of $1,500 and APR of 15% (assume simple interest)
A. What is the weekly interest rate?
B. How much interest is charged on the first week?
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- You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 4%. How much money do you need to deposit each month?arrow_forwardYou want to buy a $26,000 car. The company is offering a 3% interest rate for 60 months (5 years). What will your monthly payments be? earrow_forward4. A student took out a simple interest loan for $2800 for two years at a rate of 6% to purchase a used car. Find the interest on the loan.arrow_forward
- For the given corporate bond, whose annual simple interest rate is provided, find the semiannual simple interest payment and the total interest earned over the life of the bond. Assume 365 days in a year. $4600 Company A, 30-year bond, 5.188% The semiannual interest on the corporate bond is $ (Round to the nearest cent as needed.)arrow_forwardUse PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472arrow_forwardA company gets a discount loan at a 12 percent interest rate. They borrow $100,000 for one year. What is the effective interest rate?arrow_forward
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