a). At 8.25 percent interest, how long does it take to double your money? b). At 8.25 percent interest, how long does it take to quadruple your money? | Homework.Study.com (2024)

Get access to this video and our entire Q&A library

• A. At 6.75 percent interest, how long does it take to double your money? B. At 6.75 percent interest, how long does it take to quadruple your money?
• 1. At 6.4 percent interest, how long does it take to double your money? 2. At 6.4 percent interest, how long does it take to quadruple it?
• 1. At 7.4 percent interest, how long does it take to double your money? (DO not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) 2. At 7.4 percent interest, ho
• 1. At 6.4 percent interest, how long does it take to double your money? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) 2. At 6.4 percent interest, ho
• How much interest would you pay to borrow $670 for eight months at 12 percent?
• Cindy-Sue borrows $300,000 at 10 percent annually compounded interest to be repaid in five equal annual installments to buy a double-wide. What is the actual end of year payment?
• Come and Go Bank offers your firm an 8 percent discount interest loan for up to $28 million, and in addition requires you to maintain a 5 percent compensating balance against the face amount borrowed. Required: What is the effective annual interest rate o
• What is the rate of interest on a $10,000 loan that is to be repaid in 10 equal annual installments of $1,917? a.8% b.10% c.14% d.15% e.16%
• A.You borrowed $67,000 today and agreed to repay the loan by making 20 equal annual payment of $5,000 each. What is the interest rate on this loan? a)4.16% b)5.03% c)6.42% d)7.32% e)4.86%
• If you borrow $10,000 at 10% annual interest, what is the annual payment if you are making four equal payments? A. $3,124.71 B. $3,134.71 C. $3,144.71 D. $3,154.71 E. None of above
• Calculate the simple interest to the nearest cent for a loan of $15000 at 8% interest borrowed on May 4, 2017, to be repaid on 10-Aug-17.
• If you borrow $9,500 at $760 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) a. Annual paym
• If you borrow $9.500 at $760 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.) a. Annual payme
• Mathematics of Investment and Credit: If the force of interest is doubled, are the corresponding equivalent effective annual interest and discount rates more or less than doubled? Please show your wo
• You borrow $22,000 to be repaid in 12 monthly installments of $2,092.00. The annual interest rate is closest to _____.
• Suppose you borrow $2500 at 4% annual interest that you plan to repay in four equal annual payments. How much will the annual payment be? How much of each payment is interest?
• What interest rate would make it worthwhile to incur a compensating balance of $27,000 in order to get a 1 percent lower interest rate on a 1 year, pure discount loan of $310,000? Is it worth incurri
• Suppose you take a margin loan for 77000. You pay a 7.0 percent effective rate. If you repay the loan in three months, how much interest will you pay?
• Suppose you take out a margin loan for $75,000. You pay a 6.4 percent effective rate. If you repay the loan in two months, how much interest will you pay?
• Suppose you take out a margin loan for 100,000. You pay a 6.5 percent effective rate. If you repay the loan in two months, how much interest will you pay ?
• You have borrowed $5,000 and must pay it off in five equal annual payments. Your annual interest rate is 10%. How much interest will you pay in the first two years? a. $932 b. 918 c. $855 d, $875
• You borrow $10,000 and will pay back the entire amount in 10 years. You are charged 6 percent interest per year. How much interest do you pay on this loan?
• a. What interest rate would make it worthwhile to incur a compensating balance of $28,000 in order to get a 1 percent lower interest rate on a 1 year, pure discount loan of $315,000? b. Is it worth i
• You plan to borrow $24,000 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2?
• You plan to borrow $35,000 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-the-year payments. How much interest would you be paying in year 2?
• You plan to borrow $40,000 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2? a. $2,445.91 b
• Suppose you take out a loan of $10,000, repayable by five equal annual installments. The interest rate is 10% per year. What is the total amount of money repaid and how much of this are interest payments?
• You have just arranged for an eight-year bank loan for $200,000 at an interest rate of 10 percent p.a. with interest compounded semi-annually. The loan will be repaid in 16 equal installments and the first payment will be due six months from today. Assumi
• Mr. Miser loans money at an annual rate of 14 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans? 15.09 percent 14.86 percent 15.20 percent 14.65 percent
• Mr. Miser loans money at an annual rate of 14 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans? A. 15.09 percent B. 15.20 percent C. 14.65 percent D. 1
• Mr. Miser loans money at an annual rate of 17 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans? a. 18.75 percent b. 18.53 percent c. 18.32 percent
• Mr. Miser loans money at an annual rate of 16 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans? a. 17.41 percent b. 17.35 percent c. 17.56 percent
• Mr. Miser loans money at an annual rate of 19 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans? A.20.98 percent B.20.92 percent C.21.18 percent D.
• An individual wants to borrow $120,000 from a bank and repay it in six equal annual end-of-year payments, including interest. What should the payments be for the bank to earn 8 percent on the loan? Assume the interest rate is 8 percent.
• If you borrow $8,000 with a 5 percent interest rate, to be repaid in five equal yearly payments, what would be the amount of each payment?
• A firm has a line of credit and borrows $25,000 at 9 percent interest for 180 days or half a year. What is the effective rate of interest on this loan if the interest is paid in advance?
• Bill borrowed $500,000 today that he must repay in 12 semi-annual installments of $49,601.38. What annual interest rate is Bill paying on the loan?
• A loan that compounds interest monthly has an EAR of 14.40 percent. What is the APR? a. 13.53 percent b. 13.59 percent c. 13.96 percent d. 14.07 percent e. 14.10 percent
• _____ is the interest earned on both the initial principal and the interest reinvested from prior periods. a. Dual interest b. Free interest c. Simple interest d. Interest on interest e. Compound
• ____ is the interest earned on both the initial principal and the interest reinvested from prior periods. a. Simple interest b. Compound interest c. Interest on interest d. Free interest e. Dual interest
• If you borrow $1,500 and agree to repay the loan in four equal annual payments at an interest rate of 10%, what will your payment be?
• Rita borrows $4,500 from the bank at 9 percent annually compounded interest to be repaid in three equal annual installments. The interest paid in the third year is a) $ 405.00 b) $277.95 c) $352.00 d) $147.00
• $8,573 borrowed at 16.5% simple interest. What is the total amount to be repaid 3 years, 125 days later?
• The stated bank loan rate is 8 percent, but the loan requires a compensating balance of 10 percent on which no interest is earned. What is the effective interest rate on the loan? What happens to the
• If you take out a loan from a bank, you will be charged: a. for interest but not principal b. for both principal and interest c. for interest only d. for principal but not interest
• If the loan amount (principal) is $50,000 and the interest rate is 9%, what is the amount of annual interest?
• You just borrowed $7,500 and are charged a simple interest rate of 8%. How much interest do you pay each year?
• You borrowed $23,290 at 6.36% interest. You will make annual payments of $4,486.33. How long will it take you to pay off the loan?
• A car loan requiring quarterly payments carries an APR of 8 percent. What is the effective annual rate of interest?
• Mary Ott is going to borrow $5,000 for 90 days and pay $140 interest. What is the effective rate of interest if the loan is discounted?
• If you borrow $120,000 at an APR of 7%, what is the total interest paid on the 25-year mortgage?
• Come and Go Bank offers your firm a discount interest loan with an interest rate of 10 percent for up to $26 million, and in addition, requires you to maintain a 2 percent compensating balance against the face amount borrowed. What is the effective annua
• Say you take out a loan with a principal of $44,500. The interest rate is 13.11%, compounded monthly. If you make consistent monthly payments and pay off the loan over the course of six and a half years, how much interest will you have paid in total?
• A 30-year mortgage has an annual interest rate of 6.84 percent and a loan amount of $250,000. What are the interest and principal for the 120th payment?
• Assume that you want to buy your dream house that currently is on the market for 195,000. You have 10 percent of that amount in your savings and you will borrow the rest at an APR of 3.95 percent, wit
• Your credit card company quotes you a rate of 14.9 percent. Interest is billed monthly. What is the actual rate of interest (EAR) you are paying? A. 13.97 percent B. 14.90 percent C. 15.48 percent D. 15.96 percent E. 16.10 percent
• You borrow $10,000 today to buy a car. The $10,000 loan is repaid over six years and has an interest rate of 12% p.a. compounded quarterly. What is the amount of principal repaid at the end of the first quarter? a. $590.47. b. $890.47. c. $1,200. d. $900.
• If the effective annual rate of interest is to be 14.2% on a debt that has quarterly payments, what is the annual percentage rate?
• If the effective annual rate of interest is to be 9.8% on a debt that has quarterly payments, what is the annual percentage rate?
• Suppose you take out a margin loan for $60,000. The rate you pay is an 8.6% effective rate. If you repay the loan in six months, how much interest will you pay?
• Suppose you take out a margin loan for $75,000. The rate you pay is an 8.9% effective rate. If you repay the loan in six months, how much interest will you pay?
• a. Set up an amortization schedule for a 525,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10 percent, compounded annually. b. What percentage of the payment represents the interest and what perc
• Find the interest paid on a loan of $47, 970 at 10% annual simple interest for 1.3 years. a. $3,282.16 b. $6,236.10 c. $5,756.40 d. $11,033.10
• You want to borrow $18,000 for one year. The interest rate is 13.5 percent. You and the lender agree that the interest on the loan will be 0.135 times $18,000 = $2,430. So, the lender deducts this int
• I now have $20,000 in the bank earning interest of 0.5 percent per month. I need $30,000 to make a down payment on a house. I can save an additional $100 per month. How long will it take me to accumulate the $30,000?
• Mr. Miser loans money at an annual rate of 25 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans?
• Mr. Miser loans money at an annual rate of 23 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans?
• Jim borrowed $30,000 to be repaid in 6 months at an annual interest rate of 8%. Using the formula for simple interest to calculate the interest Jim will have to pay.
• One thousand dollars is borrowed for one year at an interest rate of 1% per month. If the same sum of money could be borrowed for the same period at an interest rate of 12% per year, how much could be
• What interest rate would make it worthwhile to incur a compensating balance of $7,500 in order to get a 0.65 percent lower interest rate on a 2-year, pure discount loan of $150,000?
• A bank advertises a nominal interest rate of 10.9% on a loan. However, interest is compounded monthly. What is the effective interest rate on the loan?
• Imagine you borrow $1,100 from your roommate, agreeing to pay her back $1,100 plus 11 percent nominal interest in one year. Assume inflation over the life of the contract is expected to be 4.30 percent. What is the total dollar amount you will have to pay
• For a credit card with a balance of $7,500 and an interest rate of 14.99% (monthly compounding, charged on the outstanding balance each month), how much total interest will you pay over the repayment
• If you borrow $100 from a bank at an APR of 10 percent compounded monthly for 1 year, how much do you need to payoff the loan?
• If you borrow $9,610 and are required to pay back the loan in five equal annual installments of $2,600, what is the interest rate associated with the loan?
• If you borrow $15,618 and are required to pay back the loan in seven equal annual installments of $3,000, what is the interest rate associated with the loan?
• You currently owe $2,500 on your credit card, which calculates interest based on 18.35% APR, compounded daily. You make quarterly payments of $900 at the end of every quarter, and you make your first payment exactly one quarter from now. How many quarters
• At 5.75 percent interest, how long does it take to double your money? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal pla
• If the effective annual rate of interest is known to be 12% on a debt that has semi-annual payments, what is the annual percentage rate?
• If you borrow $5,300 at $400 interest for one year, what is your effective interest rate for the following payment plans? a. annual payment b. semi annual payments c. quarterly payments d. monthly
• A loan that compounds interest monthly has an EAR of 15.40 percent. What is the APR?
• You borrow $80,000. You make monthly repayments over the next three years at a monthly interest rate of 3%. What is the amount of each monthly repayment? a. $3,664.30 b. $28,282.43 c. $2,326.50 d. $26,800.11
• You borrow $85,000. You make monthly repayments over the next three years at a monthly interest rate of 3%. What is the amount of each monthly repayment? a. $30,050.08 b. $1,343.32 c. $3,893.32 d. $2,361.11
• Jeff buys a house for $220,000. He makes a 10% down payment and finances the remaining balance with a 15-year mortgage. The annual interest rate is 2.875% and interest is compounded monthly. a) What
• You borrow $420,000 to buy a home. The loan has a 30-year term and the rate is 3.75 percent. How much of your second month's payment goes toward interest? A. $1,312.50 B. $1,314.83 C. $1,310.52 D. $1
• A debt of $15,000 with interest at 12% compounded monthly is repaid over 10 years by equal payments made at the end of every three months.
• You borrow $5000 to help pay your college expenses. You agree to repay the loan at the end of 9 years at 12% interest, compounded quarterly. How much interest are you paying on the loan?
• You plan to apply for a loan from Bank of America. The nominal interest rate for this loan is 9.56 percent, compounded daily (with a 365-day per year.) What is the effective annual rate (EAR) annual percentage yield, of this loan? Round to two decimal pla
• What is the APR on a loan with an effective annual rate of 16.21% and weekly compounding of interest?
• Bill borrowed rm100,000 today that he must repay in 15 annual end-of-year installments of rm10,000. What annual interest rate is Bill paying on his loan?
• A debt of $18,000 is being repaid by 15 equal semi-annual payments, with the first payment to be made six months from now. Interest is at the rate of 5% compounded semi-annually. However, after two years, the interest rate increases to 6% compounded semi-
• Koopman's Chickens, Inc. plans to borrow $300,000 from its bank for one year. The rate of interest is 10 percent, but a compensating balance of 15 percent is required. What is the effective rate of interest? A. 10.11% B. 11.76% C. 13.33% D. 14.12%
• a.Set up an amortization schedule for a $100,000 loan to be repaid in equal installments end of each of the next 5 years. The interest rate is 10% compounded annually. b. What percentage of the paymen
• You borrow $10,000 at 14 percent compound annual interest for four years. The loan is repayable in four equal annual installments payable at the end of each year. a) What is the annual payment that wi
• Mr. Two can afford car payments of $235 a month for 48 months. The bank will lend him money to buy a car at 7.75% interest. How much money can he afford to borrow?
• When it comes to loans, the only good interest is: A. discount interest. B. add-on interest. C. simple interest. D. compound interest.
• Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 3 years. Interest rate is 10% compounded annually. What percentage of the payment represents interest, and what percentage represents prin
• You have borrowed $25,000 at an annual interest rate (r) of 9% compounded monthly. Equal payment will be made every quarter over a five-year period. (The first payment will be made at the end of the first quarter.) What is the annual effective interest ra
• A man has borrowed $100,000 to purchase a new home. The interest rate is fixed at 18% compounded monthly over the 25-year life of the loan. Find the remaining balance on the loan immediately after the payments listed. Also, find the amount of interest tha