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Home Question Bank Economics Archive 2024 December 15

Economics Questions from Dec 15,2024

Browse the Economics Q&A Archive for Dec 15,2024, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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Si se invierten dólares a una tasa de interés compuesto del anual durante años, ¿cuánto habrá al final del período? Latoya made in taxable income last year. Suppose the income tax rate is for the first plus for the amount over . How much must Latoya pay in income tax for last year? On July 1 , the home mortgage balance was for the home owned by Patricia Edwards. The interest rate for the loan is 6.125 percent. Assuming that Patricia makes the July monthly mortgage payment of , calculate the following: (a) The amount of interest included in the July payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Patricia makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: When Ryan had 5 years left in college, he took out a student loan for . The loan has an annual interest rate of . Ryan graduated 5 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Ryan will make monthly payments for 10 years after graduation. During the 5 years he was in schoo and not making payments, the loan accrued simple interest. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) If Ryan's loan is subsidized, find his monthly payment. Subsidized loan monthly payment: (b) If Ryan's loan is unsubsidized, find his monthly payment. Unsubsidized loan monthly payment: When Ryan had 5 years left in college, he took out a student loan for . The loan has an annual interest rate of . Ryan graduated 5 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Ryan will make monthly payments for 10 years after graduation. During the 5 years he was in school and not making payments, the loan accrued simple interest. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) If Ryan's loan is subsidized, find his monthly payment. Subsidized loan monthly payment: Heather wants to buy a cabin that costs . The bank requires a down payment. The rest is financed with a year, fixed-rate mortgage at annual interest with monthly payments. Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas. (a) Find the required down payment. (b) Find the amount of the mortgage. (c) Find the monthly payment. Maya borrowed money from her credit union to invest in antiques. She took out a personal, amortized loan for , at an interest rate of , with monthly payments for a term of 3 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Maya's monthly payment. (b) If Maya pays the monthly payment each month for the full term, find her total amount to repay the loan. (c) If Maya pays the monthly payment each month for the full term, find the total amount of interest she will pay. Maya borrowed money from her credit union to invest in antiques. She took out a personal, amortized loan for , at an interest rate of , with monthly payments for a term of 3 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Maya's monthly payment. (b) If Maya pays the monthly payment each month for the full term, find her total amount to repay the loan. An amount of is borrowed for 8 years at interest, compounded annually, Assuming that no payments are made, find the amount owed after 8 years. Sthe calculator provided and round your answer to the nearest dollah. A bank offers an investment account with an annual interest rate of compounded monthly. Ravi invests into the account for 3 years. Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Assuming no withdrawals are made, how much money is in Ravi's account after 3 years? (b) How much interest is earned on Ravi's investment after 3 years?
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