7. Lawrence takes out a loan for $8000 to start a business after high school. The bank charges him 8% interest for the loan. After 8 years how much interest will be added on to the loan?
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- Ron invest $2000 in a savings account that gives him a simple interest rate of 6% for 3 years. A. how much interest the investment earns and B. how much money he has after 3 years?You can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?1. Mr. Robles got a $1500.00 loan for 2 years. He paid $80 in interest. What was the interest rate?
- A set aside $500 annually in a trust fund which allows interest at 5% effective. What amount does A have to his credit just after the 15th deposit has been made?Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.b. How much would you expect to pay per month on a $20,000 auto loan if you pay the loan back for 48 month and pay 10% interest?
- ויוי in c) Linda needs $10,000 in 4 years to use as a down payment on a house. She has $6830 to invest today. What amount of interest does she need to earn to make this happen?Bill wants to buy a new car in three years from now. He expects that the price of a car will be $15,000 in three years. How much money should Bill put in hos savings accounts now tat pays 5% interest rate on this account?Edward wants to take a long trip around Europe 7 years from now. He estimates that he will need $12,000 to finance the trip. Edward has found a stock portfolio that generates a 8% yearly rate of return. How much does Edward need to invest today to afford the trip? Round to the nearest dollar, do not enter a dollar sign.
- 2. An investment will provide $10,000 at the end of 3 years. The investment receives interest at 12% compounded annually. a. What is the present value of the investment?1) You have a goal of saving $1500 over 6 years. Assuming bank interest rates are 5%, What annual deposit amount must be savedQuestion 1: If you borrowed 18000$ at 4% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?