I’m order to start a small business, a student takes out a simple interest loan for 8000 for 3 months at a rate of 9.00%. How much interest must the student pay
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- In order to start a small business, a student takes out a simple interest loan for $3000 for 9 months at a rate of 11.25%. a. How much interest must the student pay? b. Find the future value of the loan.In order to start a small business, a student takes out a simple interest loan for $2000.00 for 6 months at a rate of 7.00%. a. How much interest must the student pay? b. Find the future value of the loan. a. The amount of interest is (Round to the nearest cent as needed.) b. The future value is (Round to the nearest cent as needed.)Create an Amortization schedule-see amortization video. How much student debt will I bear by the time I graduate? What will my student loan payments be? a. My undergraduate student debt is $32,500. I have secured a 4.08% annual rate (EAR) for a 25-year loan, identify the monthly payment. b. What is the total amount of interest paid on this loan? c. In total (interest plus principle) how much did you pay for this $32,500 loan?
- A man plans to take a vacation in 4 years. He wants to buy a certificate of deposit for $1200 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1700 for the trip? Assume that the interest on the loan is computed using simple interest The rate he must obtain is ___%A friend asks to borrow $55 from you and in return will pay you $58 in one year. Ifyour bank is offering a 6% interest rate on deposits and loans: How much would you have in one year if you deposited the $55 instead? How much money could you borrow today if you pay the bank $58 in one year? Should you loan the money to your friend or deposit it in the bank?A student graduates from college with a 58000 student loan, with an 8.8% annual simple interest rate. In order to reduce the debt as quickly as possible, beginning next month he is going to pay $900 per month towards the loan. After the first payment, how much will he owe on the loan?
- A student borrows $3000 from his uncle in order to finish school. His uncle agrees to charge him simple interest at the rate of 5.5% per year. Suppose the student waits two years and then repays the entire loan. How much will he have to repay?A student graduates from college with $31,000 in student loans with a 5.6% annual simple interest rate. In order to reduce his debt as quickly as possible, beginning next month he is going to pay $600 per month towards the loan. After his first payment, how much will he owe on the loan? After his first payment, he will still owe $ (Round to the nearest cent as needed.) on his loan.A friend asks to borrow $45 from you and in return will pay you $48 in one year. If your bank is offering a 5.7% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $45 instead? b. How much money could you borrow today if you pay the bank $48 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $45 instead? If you deposit the money in the bank today you will have in one year. (Round to the nearest cent.) b. How much money could you borrow today if you pay the bank $48 in one year? You will be able to borrow $ today. (Round to the nearest cent.) c. Should you loan the money to your friend or deposit it in the bank? (Select from the drop-down menu.) From a financial perspective, you should as it will result in more money for you at the end of the year.
- Finance QuestionA friend asks to borrow $53.00 from you and in return will pay you $56.00 in one year. If your bank is offering a 5.7% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $53.00 instead? b. How much money could you borrow today if you pay the bank $56.00 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $53.00 instead? If you deposit the $53.00 in the bank today, you will have $ in one year. (Round to the nearest cent.)A friend asks to borrow $55 from you and in return will pay you $58 in one year. If your bank is offering a 5.5% interest rate on deposits and loans: How much would you have in one year if you deposited the $55 instead? How much money could you borrow today if you pay the bank $58 in one year? Should you loan the money to your friend or deposit it in the bank?