OK just a few more questions.....i need help pretty please. MATH HELP!?
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can some one explain to me how to do each problem?
Tom borrowed $35,000 to remodel his house. At the end of the 5 year load, he had repaid a total of $46,375. At what simple interest?
Eliza deposits $8500 ina college fund. If the fund earns an anual simple interest rate of 6.5%, how long must the money be in the fund to earn $9392.50 in interest?
Premier bank loaned a construction company repaid the bank $350,625. WHat was the interest rate on the loan?
OK just a few more questions.....i need help pretty please. MATH HELP!?1. 46,375 less $35,000= $11,375 interest,
divided by $35,000, then divide by 5 years =
6.5% simple interest per year.
2. Eliza - 17 years.
$8500 x 6.5% = $552.50 for 1 year
$9,392.50/ $552.50 = 17 years.
3. Premier bank - unable to solve because you neglected the rest of the facts to answer.
You neglected to state the inital amount borrowed, and the number of years.
GOD bless us always.
MBA-Boston Univ.
CPA-retired
OK just a few more questions.....i need help pretty please. MATH HELP!?1. Tom had a 5 Year loan for $35,000 and the TOTAL payments were $46,375, or $772.92 per month. You need to find the interest rate on the loan.
2. Eliza has $8500 invested at 6.5%. You need to determine how many years it will take before it is worth $$17892.50 ($8500 + $9392.50).
3. You are missing half the question, but is appears to work the same as 1.
I am certain there are PV (present value) and FV (future value) tables and formulas in the chapter you are supposed to be learning. They will provide the answers you need.
To: May I Help You?: Please DON'T do peoples homework for them. That will only allow them to past the class without knowing what they are supposed to learn. Then you will end up doing their JOB in the future.
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