(2 points) Results for this submission Entered 9.6 The answer above is NOT correct. Answer Preview 9.6 Find the annual simple interest rate of a loan, where $200 is borrowed and where $216 is repaid at the end of 9 months. Annual simple interest rate = %. Preview My Answers Submit Answers Your score was recorded. You have attempted this problem 1 time. You received a score of 0% for this attempt. Your overall recorded score is 0%. You have unlimited attempts remaining. Page generated at 05/04/2024 at 02:49pm EDT WeBWorK 1996-2022 | theme: math4-green | ww_version: 2.17 | pg_version 2.17 | The WeBWorK Project

No Plagirism Please! Note: Enter your answer and show all the steps that you use to solve this problem in the space provided You have a credit card with a balance of $1,367 90 at a 95% APR. You pay $400.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest? Be sure to include in your response the answer to the original question the mathematical steps for solving the problem demonstrating mathematical reasoning

The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)

Suppose you want to have $600,000 for retirement in 25 years. Your account earns 4% interest. How muc would you need to deposit in the account each month? Submit Question /course/showcalendar.php?cid=179278 Search

A borrower has two alternatives for a loan: (1) issue a $420,000, 30-day, 6% note or (2) issue a $420,000, 30-day note that the creditor discounts at 6%. Assume a 360-day year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Calculate the amount of the interest expense for each option. Round your answer to the nearest dollar. $  fill in the blank 2 for each alternative. Determine the proceeds received by the borrower in each alternative. Round your answers to the nearest dollar. (1) $420,000, 30-day, 6% interest-bearing note: $  fill in the blank 3 (2) $420,000, 30-day note discounted at 6%: $  fill in the blank 4 Alternative 1  is more favorable to the borrower because the borrower receives more cash .

A borrower has two alternatives for a loan: (1) issue a $360,000, 75-day, 6% note or (2) issue a $360,000, 75-day note that the creditor discounts at 6%. Assume a 360-day year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.   Calculate the amount of the interest expense for each option. Round your answer to the nearest dollar. $  ________________________ Determine the proceeds received by the borrower in each alternative. Round your answers to the nearest dollar. (1) $360,000, 75-day, 6% interest-bearing note: $___________________________ (2) $360,000, 75-day note discounted at 6%: $ _________________________

Find the interest earned on $5,750 deposited into a savings account for 3 1/2 years at an annual interest rate of 4 1/2% a. What formula should be used? b. What are you trying to find and what variable does it represent in the formula? c. Solve the problem showing all of your work (must show all steps!!) d. Interpet your answer using a complete sentence You may use the box below to upoload a picture of your written explanation or type it out in the box. Use the "mountain" button to add pictures.

site, find another.) Type in a home price of $300,000. Leaving all other entries as they are, enter an interest of 3%. Then change it to 4%. Then change it to 5%. Record the monthly payment readouts for each interest rate. Be careful with your calculations below and accurate with your research so that this assignment is useful! 1a. What was the monthly payment fference cost between the 3% and 5% loans? 1b. Multiply that monthly cost difference by 360 (the number of months in a 30 year home loan). What is the result? This is what a borrower may be paying MORE than someone else over the life of that loan due to credit. 1c. Why are customers with high credit scores given loans with lower interest rates? Reference the notes above for help here. 1d. What does this research tell you about the importance of maintaining a "good" credit score (as best as

Enter your dollar answers rounded to the nearest two cents and precede numbers that are less than zero (0) with a minus sign (–).) Buy On Time or Pay Cash Cost of Borrowing       1. Terms of the loan       a. Amount of the loan $10,000.00     b. Length of the loan (in years) 5     c. Monthly payment $188.70   2. Total loan payments made       ($  per month  months)   $   3. Less: Principal amount of the loan   $   4. Total interest paid over life of loan   $   5. Tax considerations:       – Is this a home equity loan? no     – Do you itemize deductions on your federal tax return? yes   6. What federal tax bracket are you in? 35%   7. Taxes saved due to interest deductions       ($  x %)   $   8. Total after-tax interest cost on the loan   $   Cost of Paying Cash       9. Annual interest earned on savings       (6% x )   $   10. Annual after-tax interest earnings       ($  x %)   $   11. Total after-tax interest earnings…

How much would you need to deposit in an account each month in order to have $20,000 in the account in 9 years? Assume the account earns 6% interest. Submit Question .com/course/showcalendar.php?cid=179278 Q Search