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What proceeds did jones receive

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Question 1: Joe Smith borrowed $97,000 to pay for a startup business. Joe must repay the loan at the end of 6 months in one payment with a 4.9 percent simple interest rate. What is the total amount that Joe must repay at that time?

Question 2: Bill Jones borrowed $5,000 for 90 days from First Bank. The bank discounted the note at 6.5 percent. What proceeds did Jones receive? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Question 3: You deposit $2000 in an account one time that compounds monthly at 3 percent. How much will you have in your account at the end of 9 years? (Do not round intermediate calculations, round nswer to two decimals, i.e. 123.45

Question 4: A balloon payment of $24,000 on your house is due in 10 years. If you can earn an average of 5 percent per year for all the years, how much will you have to place into an account today to have the total amount when due? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Reference no: EM132493248

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