A $3,000 loan is to be made over 5 years with 12 percent interest. Determine how much

Question:

A $3,000 loan is to be made over 5 years with 12 percent interest. Determine how much will be required to pay off the loan plus interest if

a. simple interest is used.

b. compound interest is used.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Principles Of Engineering Economic Analysis

ISBN: 9781118163832

6th Edition

Authors: John A. White, Kenneth E. Case, David B. Pratt

See More Books

Question Posted: Mar 26, 2024 01:02 AM

See More Questions

Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you in the payroll register, the employees' earnings...
This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
In Exercises confirm that the Integral Test can be applied to the series. Then use the Integral Test to determine the convergence or divergence of the series. n=1 2 3n + 5
Collins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $2,000,000. This cost figure included the following expenditures: Purchase...
The Cobb-Douglas production function is a classic model from economics used to model output as a function of capital and labor. It has the form f (L, C) = c0Lc1Cc2 Where c0, c1, and c2 are constants....
Police in Albemarle County, Virginia, were on the lookout for a stolen orange and black motorcycle that had eluded them in two previous traffic incidents. Officer David Rhodes drove past the home of...
Peninsula Candy Company makes three types of candy bars: Chewy, Chunky, and Choco-Lite (Lite). Sales volume for the annual budget is determined by estimating the total market volume for candy bars...
When President Obama was President he had discussed raising income taxes for individuals earning over $250,000 in income. Explain how these higher income taxes will affect the aggregate demand curve....
Trevor needs a new computer for college. His uncle lends him $1,000 at 5 percent interest for 3 years. a. What is the total payment after 3 years if simple interest is used? b. How much of the total...
A sum of $1,000 is borrowed today. The loan is to be paid off with interest at the end of 3 years with no payments made in between. Calculate the total interest paid using: a. Simple interest of 8...
Gharavi Company purchased plastic costing $23,000 and sheet metal costing $92,000 with cash. Both of these materials are used in the production process. Make the necessary journal entry or entries to...
In an international contract, what does an arbitration clause provide?
Contrast international and national law.
Under the Foreign Sovereign Immunities Act, what comprises a foreign state?
Techno, Inc., sells its brand-name computer equipment directly to its franchised retailers. Depending on how existing franchisees do, Techno may limit the number of franchisees in a given area to...
International Sales, Inc. (ISI), is charged with a violation of antitrust law. ISIs conduct is a per se violation a. if the anticompetitive effects outweigh the competitive benefits. b. if the...
An ordinary egg with a mass of 0.1 kg and a specific heat of 3.32 kJ/kg C is dropped into boiling water at 95C. If the initial temperature of the egg is 5C, the maximum amount of heat transfer to...
How does Kant answer Humes bundle theory of self? Do you think he is successful?
which apply to contributions with donor-imposed conditions?
The snow pack on the summit of Wolf Creek Pass, Colorado onMarch 1 has been measured for many years by the National WeatherBureau. The depth of the snow pack in inches is normallydistributed with...
2. A driver has an accident when travelling on a street with a speed limit of 20 miles per hour. The police measure skid marks 21 feet long. a. When the accident occurred, the road was dry and the...

A $3,000 loan is to be made over 5 years with 12 percent interest. Determine how much

Question:

Step by Step Answer:

a Simple Interest To calculate the total amount needed to pay off the loan plus interest using simpl...View the full answer

Principles Of Engineering Economic Analysis

Students also viewed these Business questions