Suppose a man borrowed $300 from a friend and agreed to pay him 20% annual simple interest when he repaid the debt. If he wants to repay the friend back 25 days later, what is the total amount he should pay? Round your answer to the nearest cent.

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Q: In a 7 years, you want to have $3,120 worth of remodeling done to your house bathroom. How much…

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Q: Suppose that you borrow $3000.00 from a friend and promise to pay back $6225.00 in 5 years. What…

A: Using formula A=P+T

Q: To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 16 years.…

A: Given that, To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 16…

Q: A bank loaned out $14.000, part of it at the rate of 7% per year and the rest at 17% per year. If…

A: Let the sum given at 7% of interest be x Therefore the sum given at 17% of interest = $14000-x The…

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Q: During a prolonged recession, property values on Long Island depreciated by 8% every six months. If…

A: Consider the formula for future value: F=P1-rnnt Where, F = Future value P= Present value n= Number…

Q: In order to pay for college, the parents of a child invest $30,000 in a bond that pays 9% interest…

A: Given : P = 30,000 r = 9% = 9/100 = 0.09  t = 19 Semi-annually means  n = 2

Q: rate

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Q: If you want to earn 9% annual simple interest on an investment, how much should you pay for a note…

A: Given that  worth $28,700.00 in 5 months. 9% annual simple interest on an investment,

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 8.4%. If you deposit…

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Q: How much final amount would Abraham receive if he invest P100,000 for 1 year and 3 months at 11%…

A: Use the formula to calculate the simple interest as follows:

Q: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound…

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Q: You have accepted a job from a company that will pay you $38,900 in the first year of employment and…

A: So, we are compounding each year:-  Hence, we get a Geometric Progression with first term = 38900…

Q: An insurance company pays claims for bills from a physical therapist as follows: They take the…

A: Given  Actual bill is reduced by 10% Percentage paid of the remaining amount =35%

Q: If you make $400 in simple interest on an investment at 8% for 5 years, what is the amount of the…

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Q: To pay for the new machinery in 10 years, a company owner invests $15,000 at 7.5% compunded…

A: To find the money available

Q: what is the formula for finding the total amount of the mortgage if a house is sold at 350,00 and a…

A: Given, total amount of mortgage is 35000 down payment = 15% we have to determine 30 year mortgage at…

Q: If there is 54% increase on a $54 item, then how much is the new cost for next year? Round to the…

A: Solution is given below:

Q: Francine currently has $70,000 in her 401k account at work, and plans to contribute $8,000 each year…

A: NOTE: Refresh your page if you can't see any equations. . here we have PMT=8000 t=10 years r=7%=0.07…

Q: A man gets a job with a salary of $31,700 a year. He is promised a $2,390 raise each subsequent…

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Q: If $600 is borrowed and the interest after 24 months is $120, what is the annual interest rate for a…

A: Solution

Q: How much interest will Roxanne have to pay if she borrows $1000 for 2 yr at a simple interest rate…

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Q: What principal would you need to invest at a rate of 7% to earn $150 in 9 months? Round your answer…

A: To find: principal amount

Q: If the rate of interest in Example 2 was 6% instead of 1.2%, how much will the account have after 24…

A: Principal Investment (P) =$1000 Rate of interest (R) = 6% per annum = 612% per month=12% per month…

Q: If you placed $1 into an account that paid interest at a rate of 6% and compounded the interest…

A: given, principal (P)=$1       interest rate (R)=6%=6/100 =0.06      time (t)  = 300 years…

Q: Your employer offers a 401(k) plan with a 49% match, and you set a goal of retiring in 37 years with…

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Q: If you pay $20.55 each month for your cell phone for two years, how much is the total cost of your…

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Q: d. Suppose the company wanted to give raises to the employees who were in the lowest 20% salaries at…

A: Z = x-μσ~N(0,1) NORMSINV() -----------Excel function

Q: A man gets a job with a salary of $39,500 a year. He is promised a $2,440 raise each subsequent…

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Q: In the Sum of the years-digits depreciation method, if the asset has 6 years of life, then the…

A: Topic-year digit depreciation calculation

Q: If inflation has been running at 4.07% per year and a new car costs $23,700 today, what would it…

A: Given that  Inflation has been running per year=4.07% Cost of a new car=$23700 To find  The cost of…

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 4.8%. If you deposit…

A: after three years you have $1381.22

Q: A man gets a job with a salary of $33,000 a year. He is promised a $2,200 raise each subsequent…

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Q: You purchase a mutual fund at an offer price of $15.79 per share. If the net asset value is $15.26,…

A: Given that: Net asset value of share = $15.26Cost of share = $15.79

Q: If inflation has been running at 2.51% per year and a new car costs $36,400 today, what would it…

A: We have to use compound interest series formula. Let 4 years ago the price was x. Therefore…

Q: If you borrow $800 for 6 months at 6% annual simple interest, how much must you repay at the end of…

A: Simple Interest Formula: A = P 1+r·t where A is the final amount. P is the initial amount. r is the…

Q: you have a business loan and you pay 2,880.38 each month for 20 years on the loan, what is the total…

A: Given  monthly payment for loan = 2880.38 He pay loan for 20 years

Q: For a sum of P8000.00 to double itself in 12 years and 9 months, what must be the rate of interest…

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Q: How much did the client borrow at 5% compounded annually when he settled his obligation of P85,300…

A: Compound hobby (or compounding hobby) is the hobby on a mortgage or deposit calculated primarily…

Q: Suppose your savings account pays 8% interest compounded quarterly. If you deposit $15,000 for two…

A: Given: Interest rate r = 8% r = 0.08 Deposit amount or principal amount P = 15000 Time period t = 2…

Q: Assume a six-month CD purchased for $5000 pays simple interest at an annual rate of 9.5%. How much…

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Q: Suppose that you borrow $10,000 for four years at 8% toward the purchase of a car. Find the monthly…

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Q: Cameron invested $2,890 for 225 days at a simple interest rate of 3.75% p.a. How much more or less…

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Q: How much is $250 to be received in exactly one year worth to you today if the interest rate is 20%?…

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Q: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound…

A: Principal  =  $5000  Rate  =  10%  =  0.1     Final amount to be paid    =  5000 × ( 1 + (10/100) )3…

Q: If you want to earn 15% annual simple interest on an investment, how much should you pay for a note…

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Q: Suppose your salary in 2012 is $70,000. If the annual inflation rate is 5%, what salary do you need…

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