Consider an amortized loan of $37,000 at an interest rate of 8.1% for 7 years. What is the total interest owed? Round to the nearest dollar. Suppose you are borrowing $39,000 at an interest rate of 3.4%. You will not make any payments for the first two years. Then, starting at the end of year 3, you will make 5 annual payments to repay the loan. How much will your annual payments be? Round to the nearest dollar.
Y8
17 and 18
Important:
- Don't include signs like $ or % in your answers.
- Pay close attention to the rounding instructions. For example, if the question instructs you to "round to the nearest cent" or "round to two decimal places", and the answer you found is $12,678.04678, you need to submit 12678.05. Some questions may ask you to round to the nearest whole number or nearest dollar, in which case the answer would be 12678.
Tolerance: Be careful with rounding and do not round until you arrive at the final answer. Answer tolerance is ±1 at the last digit based on the decimal place accuracy required by that question. For example, if a question asks you to round to the nearest cent (two decimal places) and the correct is $1,235.06, answers within ± 0.01 ($1,235.05 to $1,235.07) will count as correct. As another example, if a question asks you to round a percent answer to one decimal place and the correct answer is 4.6%, answers within ± 0.1% (4.5% to 4.7%) will count as correct.
Consider an amortized loan of $37,000 at an interest rate of 8.1% for 7 years. What is the total interest owed? Round to the nearest dollar.
Suppose you are borrowing $39,000 at an interest rate of 3.4%. You will not make any payments for the first two years. Then, starting at the end of year 3, you will make 5 annual payments to repay the loan. How much will your annual payments be? Round to the nearest dollar.
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