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Home Question Bank Economics Archive 2024 December 13

Economics Questions from Dec 13,2024

Browse the Economics Q&A Archive for Dec 13,2024, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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bicycle. The interest rate on the loan from the bank is \( 9 \% \). He wants pay the total amount in 3 monthly payments. What is the amount that Barry would pay in interest for his loan? Naya invests \( \$ 7500 \) in an account which accrues interest continuously at a rate of \( 4.5 \% \). 1. Write an exponential growth function to model the value of her investment after \( t \) year 2. How much interest does Naya earn in the first six months to the nearest dollar? 3. How much money, to the nearest dollar, is in the account after 8 years? Employee benefits such as health insurance are important because: * a) They are usually free b) They reduce out-of-pocket costs for essential needs c) They have no impact on financial stability d) They are deducted from gross income What is net income? " a) Total income before taxes b) Total income affer taxes and deduetions e) income from investments only d) Total amount saved Which factor is most likely to increase a person's lifetime income? * a) Starting a job immediately after high school b) Attaining higher education or vocational training c) Working part-time while in school d) Choosing jobs with no benefits Use the compound interest formula to find the future value \( A \) for the following values. \( \begin{array}{l}P=\$ 1,000 \\ \begin{array}{l}i=0.057 \\ n=25\end{array} \\ A=\$ \square \text { (Round to the nearest cent.) }\end{array} \) Interest You want to buy a \( \$ 245,000 \) home. You plan to pay \( 5 \% \) as a down payment, and take out a 30 year loan at \( 3.9 \% \) interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be? c) How much total interest do you pay? d) Suppose you want to pay off the loan in 15 years rather than 30 . What will your monthly payment be? e) How much money in interest will you save if you finance for 15 years instead of 30 years? \( \$ \) You can afford a \( \$ 250 \) per month car payment. You've found a 4 year loan at \( 3 \% \) interest. How big of a loan can you afford? Aaron borrowed money to start a new business. The simple interest rate on the loan is \( 2.5 \% \). He will pay back the loan by making a total of 12 payments of \( \$ 266.50 \) each. How much did he borrow? He borrowed \( \$ 1 \) (4 digit integer)
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