Reference no: EM132770311
Problem 1: Bethany borrowed $4800 for improvements to her restaurant.
a. If the loan was made at 5.15% ordinary simple interestfor 270 days, what is the maturity value of the loan?
b. If the loan was made at 5.15% simple discount interest for 270 days, what is the maturity value of the loan?
Problem 2: A loan of $17,000 is made at 4.99% simple discount interestfor 180 days.
a. What are the proceeds?
b. What is the effective rate of the loan (APY)?
Problem 2: On May 5, Drew took out a loan for $44,000 at 5.8% simple interest to upgrade the security system in his company's warehouse. On June 5, Drew made a payment of $18,000.
a. Use the Actuarial Method to determine the new balance of the loan on June 5?
b. What is the payoff amount on July 5?
Problem 4: If $2940 is invested at 3.2% compounded quarterly, how much is in the account after 8 years?
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