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You want to borrow $1500 at 8% and you are willing to pay $210 in simple interest.How long can you keep the money
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- Bobby was desperate. He borrowed $600 from a pawn shop and understood he was to repay the loan starting next month with $100, increasing by $10 per month for a total of 8 months. Actually, he misunderstood. The repayments increased by 10% each month after starting next month at $100. Use a spreadsheet to calculate the monthly interest rate that he thought he was to pay, and what he actually will pay.How long your money would double its amount if you invested at 5%compounded annually?If you wish to be a millionnaire at 35 years old, and 5% interest was paid annually, how much should you put into your savings account now?
- At 10% compounded annually, how long will it take for money to double itself?You can afford a $1500 per month mortgage payment. You've found a 30 year loan at 7% interest compounded monthly.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?$Mr. Benedito, a grocery store owner, borrows $50,000.00 from a loan shark, handing him a $77,000.00 promissory note with a maturity of 6 months. What is the annual and monthly simple interest rate charged by the loan shark?
- Jesse wanted to double his money at 3% annual interest compounded monthly. How long will it take to double your money?You borrow $800 from a family member and agree to pay it back in nine months. Because you are part of the family, you are only being charged simple interest at the rate of 0.6% per month. How much will you owe after nine months? How much is the interest?Does the compounding increases the amount of interest paid over a year atthe same nominal interest rate?