Question: I really need help with these questions, please. 1.A loan of $3060 can be repaid in 215 days by paying the principal sum borrowed plus
I really need help with these questions, please.
1.A loan of $3060 can be repaid in 215 days by paying the principal sum borrowed plus $85 interest. What was the rate of interestcharged?
The interest rate is _____%.
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places asneeded.)
2.A loan payment of $1600.00 was due 20 days ago and another payment of $700.00 is due 60 days from now. What single payment 110 days from now will pay off the two obligations if interest is to be 7% and the agreed focal date is 110 days fromnow?
The value of the payment is $ _______.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
3.Mac's credit card statement included $1402.00 in cash advances and $112.78 in interest charges. The interest rate on the statement was 1114% p.a. For how many days was Mac chargedinterest?
The number of days required is ______.
(Round up the final answer to the nearest day as needed. Round all intermediate values to six decimal places asneeded.)
4.Amy borrowed $8456.00 to buy a car. If interest was charged on the loan at 10.12%p.a., how much interest would Amy have to pay in 15 days?
The interest charged would be $ _______.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
5.Krista borrowed $12,901. The loan is to be repaid by three equal payments due in 97, 123, and 297 days from now respectively. Determine the size of the equal payments at an interest rate of 6% with a focal date of today.
The size of the equal payments is $ _______.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
6.The annual SportClub membership fees of $3250 are due on January18,2018. Club management offers a reduction of membership fees of 16.5% p.a. to members who pay the dues by December29,2017. How much must a member pay on December29,2017, if she chooses to take advantage of the clubmanagement's offer?
She must pay $ _______.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
7.Find the equivalent replacement payments for the following scheduled payment.
Original Scheduled Payment Replacement Payment Focal date Rate
$1100 due seven months ago In full Today 6.5%
The equivalent replacement payment is $ _______.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
8.Two scheduled debt payments of $690 each are due three months and nine months from now respectively. If interest at 5% isallowed, what single payment today is required to settle the two scheduledpayments?
The single payment required to settle the two scheduled payments is $ __________.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
9.Determine the present value of a debt of $9000 due in eight months if interest at 213% is allowed.
The present value is $ _________.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
10.Find the principal and the interest amount.
Present Value(Principal) Interest Amount Future Value(MV) InterestRate Time
? ? $5358.00 5.7% 263 days
The principal is $ ___________.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
The interest amount is $ __________.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
