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Homework answers / question archive / Section 5

Section 5

Math

Section 5.1

1)$35,000 at 6% for 9 months

 

 

2.) $1,875 at 5.3% for 7 months

 

 

3.) $8940 at 9%;loan made on May 7 and due September 19

 

 

4.) $3,475 loan at 7.5% for 6 months

 

 

5.) $48,000 for 8 months;money earns 5%

 

6.)One-month $12,750 T-bill with discount rate of .070%

 

7.) An accountant for a corporation forgot to pay the firm’s income tax of $725,896.15 on time. The government charged a penalty of 9.8% interest for the 34 days the money was late. Find the total amount (tax and penalty) that was paid.

 

8.)

What is the time period of a $10,000 loan at 6.75%, in which the total amount of interest paid was $618.75?

 

 

9.

Jerry Ryan borrowed $8000 for nine months at an interest rate of 7%. The bank also charges a $100 processing fee. What is the actual interest rate for this loan?

 

10.) $1000 at 6% compounded annually for 10 years

 

11.) $15,000 at 4.6% compounded semiannually for 11 years

 

 

12.) AloStar Bank of Commerce: $1000 at .85% compounded daily for 1 year

 

13.) Third Federal Savings and Loans: $150,000 at 1.15% compounded quarterly for 5 years

 

14.) $9000 grows to $17,118 in 16 years

 

15.) $15,000 at 2.9% for 10 years

 

 

16.) 10- year bond at 4.1%; price $13,328

 

17.) 4.7% compounded semiannually

 

18) $8500 at 6% compounded annually for 9 years

 

19.) 20-year $15,000 bond’ interest at 5.3%

20.) A developer needs $80,000 to buy land. He is able to borrow the money at 10% per year compounded quarterly. How much will the interest amount to if he pays off the loan in 5 years?

 

21.) In the Capital Appreciation Fund, a mutual fund from T. Rowe Price, a $10,000 investment grew to $11,115 over the 3-year period 2010-2013. Find the annual interest rate, compounded yearly, that this investment earned.

 

 

Section 5.3

22.) R=$20,000, 4.5% interest compunded annually for 12 years.

 

 

23.) $500 per month invested at 5%, compounded monthly, for 20 years; then $1000 per month invested at 8%, compounded monthly, for 20 years.

 

24.) $100,000 to be accumulated in 15 years;quarterly payments of $1200

 

 

25) Payments of $1050 for 8 years at 3.5% compounded annually

 

26.) Payments of $25,000 for 12 years at 6% compounded annually

 

27.) $12,000; annual payments for 6 years; interest rate 5.1%

28)

Ian Morrison, a 30-year-old professional, invests $250 a month in the T. Rowe Price Income fund, which has a 10-year average return of 8.75%.

 

 

  1. Ian wants to estimate what he will have for retirement when he is 65 years old if the rate stays constant. Assume monthly compounding.

 

  1. If Ian makes no further deposits and makes no withdrawals after age 65, how much will he have for retirement at age 75? Assume monthly compounding.

 

 

29. A grandmother opens an investment account for her only granddaughter on the day she was born, investing $500. Each year on her birthday, she deposits another $500, making the last deposit on her 25th birthday. If the account paid a return rate of 6.2% compounded annually, how much is in the account at the end of the day on the granddaughters 25th birthday?

 

Section 5.4

30) Payments of $890 each year for 16 years at 6% compounded annually.

 

31) Yearly withdrawals of $1200 for 14 years; interest rate is 5.6% compounded annually.

 

 

32.) $45,000; monthly payments for 11 years; interest rate is 5.3%, compounded monthly.

 

33.) Find the lump sum deposited today that will yield the same total amount as payments of $10,000 at the end of each year for 15 years at each of the given interest rate:

4% compounded annually.  

 

34.) $20,000 bond with coupon rate 4.5% that matures in 8 years; current interest rate is 5.9%

 

35.) $140,000; 12% compounded quarterly; 15 quarterly payments

 

36)$180,000 at 2.25% for 10 years from Roundpoint Mortgage Company

 

 

 

37.) Alan Stasa buys a new car costing $26,750. What is the monthly payment if the interest rate is 4.2%, compounded monthly, and the loan is for 60 months? Find the total amount of interest Alan will pay.

 

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