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Loan Assignment | Homework For You

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January 31st, 2020

You are planning to lend $2,000 to someone you know. If you are planning to charge him an interest rate of 6.0% compounded monthly, how much will he owe you in 2 years? Round to the nearest cent.

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Numeric Answer:Homework For You

Someone you know needs a loan and she is willing to pay you back $10,000 in exactly 10 years. If the appropriate discount rate is 3.0% compounded annually, how much would you be willing to loan her today? Round to the nearest cent.

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You have $1,000 in an account which pays 3.0% compounded annually. How many additional dollars of interest would you earn over 4 years if you moved the money to an account earning 4.5% compounded quarterly?

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