Homework Clinic

Social Science Clinic => Business => Topic started by: faduma on Jun 6, 2019

Title: You lend a friend $800 and they agree to make quarterly payments for 1 year. You charge your friend ...
Post by: faduma on Jun 6, 2019

Question 1

You owe $4510 due in 7 months. In addition you owe $3780 due in 13 months and $5125 due in 21 months. You are paying 8.64% compounded monthly on your loan. What single amount three months from now will pay off the entire loan of the three future payments?
◦ $12 444.86
◦ $12 040.86
◦ $12 884.86
◦ $12 404.86
◦ $12 440.86

Question 2

You lend a friend $800 and they agree to make quarterly payments for 1 year. You charge your friend 8.52% compounded quarterly. What is the size of the payments?
◦ $220.76
◦ $212.76
◦ $210.76
◦ $200.76
◦ $120.76

Title: You lend a friend $800 and they agree to make quarterly payments for 1 year. You charge your friend ...
Post by: ndhahbi on Jun 6, 2019

Answer 1

$12 404.86

Answer 2

$210.76

Title: Re: You lend a friend $800 and they agree to make quarterly payments for 1 year. You charge your fri
Post by: Lakber Mand on Feb 23, 2022

Thank You!