Post by: audragclark on Jun 6, 2019
Question 1
An appliance store advertises a stove for $747.50 with nothing down, no payments and no interest for six months. Determine the cash value the store would be willing to accept if on a six-month investment, it can earn an interest of 4%.Question 2
A loan payment of $1700 was due 60 days ago and another payment of $1200 is due 45 days from now. What single payment 90 days from now will pay off the two obligation if interest is to be 14% and the agreed focal date is 90 days from now?Post by: Ksh22 on Jun 6, 2019
Answer 1
S = 747.50; r = 0.04; t =
= 0.5 yearsP =
= 
= $732.84Answer 2
Let the size of the single payment be $x.The focal date is 90 days from now.
The equation of equivalence is
1700.00
+ 1200.00
= x| 1797.81 + 1220.71 = x |
| x = 3018.52 |
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