Question: please help me solving these questions 9) Compute the amount of interest charged when you borrow $420 from your friend who asks you to agree

please help me solving these questions

please help me solving these questions 9) Compute the amount of interest

9) Compute the amount of interest charged when you borrow $420 from your friend who asks you to agree to pay back the loan in 4 months at 20% annual interest rate. 10) You have negotiated a purchase price of $25,200 for a new pickup truck. Now you must choose between two financing options: a) Take a $3000 discount off the purchase price from the dealer and take the car loan to your bank at 5.5% interest, compounded monthly, for 48 months. b) Finance through the dealer directly at 2.5% interest, compounded monthly, for 48 months Which option should you choose? 11) If a three-year term deposit at the bank pays an interest rate of 9%, how much will have to be deposited to earn $800 of interest

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!