#3 business. Jill must re with a 6 percent ist te 6 percent simple EXERCISES AND
ID: 2788143 • Letter: #
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#3
business. Jill must re with a 6 percent ist te 6 percent simple EXERCISES AND PROBLEN 1. Jill Kramer borrowed $25,000 to pay for a start-up the loan at the end of 5 months in one payment w b. How much interest does Jill repay? 2. Joe Jones take for $1,000 to interest rate. a. What is the total amount that Jill must repay in 5 ve Joe's problem nt to his bank to find out how long it will tal d the Prime goes down to 3.5 percent. Al Truistyk owns an exerc upgrade his equipment in order to meet his customers ment costs $275,000 and the lender requires a 10 pe Al must borrow $250,000 and the lender agrees amount to $1,350 at 9 percent simple interest. Solve Joeor$1 e center and needs to 3. The Fed cuts the Federal Funds rate and the Discount ra is customers needs. The percent down paymen a 60-month of Prime plus 4 percent. th fixed princ- a. Construct an amortization table for the first 3 months of this i ve Al a variable rate loan oft b. Instead of a fixed interest loan, the lender gave Al a va prime plus 4 percent. Using the Internet find the cu rate. Construct an amortization table listing Al's interest payments fot the first 3 months of this loan if he borrowed the money o 2013 4. The Smiths purchase a $600,000 house and must sell their old home in order to make a 20 percent down payment plus closing costs of $7,000 on the new house. Currently, they have a mortgage balance of $100,000 dn their old home, which has been annraiExplanation / Answer
1)
b)
Total interest paid:
= $25,000×6%×5/12
= $625
a)
Payment at the end of 5th month:
= $25,000+$625
= $25,625
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