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An amount of $48,000 is borrowed for 14 years at 7.75% interest, compounded annually. If the loan is paid in full at end of that period, how much must be paid back?
AlanaAnn Tv
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AlanaAnn Tv
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A charge for borrowed money usually the percentage of the amount borrowed is called?
That is called "interest"
You have a savings account that provides 5% interest, compounded annually, on your total balance. You put $1000 in the account 10 years ago but forgot about it (you haven’t added more money and you haven’t withdrawn money)?
The final amount is $1,647.01
What is the amount of money you will have to pay back in addition to the money you borrowed?
Interest
I financed a vehicle for one amount now my first payment is due and the payoff amount is higher than the borrowed amount. Is that correct or legal?
Are you including the interest that is being charged on the borrowed amount? When you borrow money, say $10000, you are charged interest on that amount. So you'll end up paying far more than the $10000 you borrowed.
You opened a savings account with the deposited 5000 in a six percent interest rate compounded daily what is the amount in the account after 180 days?
If you opened a savings account and deposited 5000 in a six percent interest rate compounded daily, then the amount in the account after 180 days will be 5148.
What is 5000 compounded annually at 4 percent for 5 years?
Invest at an amount of 200000 at a bank that offers an interest rate of 7,6%p.a Compounded annually for a period of 3 years
June deposited 8450 in an account that pays 6 percent interest compounded annually find the amount she will have in the account at the end of 8 years?
13468.02
How A loan of 19000 is made at 8.75 interest compounded annually After how many years will the amount due reach 31000 or more?
If no payments are made, the amount will reach 31000 in six years.
How A loan of 19000 is made at 8.75 interest compounded annually. After how many years will the amount due reach 31000 or more?
If no payments are made, the amount will reach 31000 in six years.
How much would 100 dollars saved at 5 percent interest compounded annually amount to after four years?
100 x (1.05)4 = $121.55
If 4000 dollars is invested in a bank account at an interest rate of 6 per cent per year what will be the amount after 10 year if interest is compounded annually?
4000 x (1.0610) = $7163.39
What is the correct formula for compound interest?
Suppose the amount invested (or borrowed) is K, Suppose the rate of interest is R% annually, Suppose the amount accrues interest for Y years. Then the interest I is 100*K[(1 + R/100)^Y - 1]
How do you calculate principal and interest when amountrate of interest and time period is given?
The amount, P, is the principal. If the rate is r% compounded annually for y years, then the total interest earned is P*[(1 + r/100)^y - 1]
What is the predetermined amount the borrower must pay for the use of borrowed money?
Interest is a predetermined amount that a borrower must pay for the use of borrowed money. Interest is calculated as a percentage of the amount borrowed.
How long would it take 100 to double 5 percent?
As a rough guide to double any amount compounded annually, divide 70 by the interest rate. In this case that is 14 years.
In how many years your amount will be double if rate of interest is 10 percent annually in compound interest?
Approximately 7 years. The general rule is to divide 70 by the interest rate to get an approximation of how long it will take to double. If the interest is compounded annual you will have $194.88 after 7 years, and $214.37 after 8 years. Though if interest is compounded more regularly (ie. monthly or daily) this will grow at a slightly faster rate.
How much would 300000 per year with a 5 percent compounded annual for 12 years total?
Simple interest or compound interest? If simple --- I = prt = 300,000 x .05 x 12 total amount = I +p = answer above + 300,000 if compounded annually, P(t) = p((1+r)t) = 300,000 x ((1.05)12) this is total amount
