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Calculate the simple interest and maturity value (Do not round intermediate calculations- Round your answets - the nearest cent)Principal 517,.000Interest rateTime ...

Question

Calculate the simple interest and maturity value (Do not round intermediate calculations- Round your answets - the nearest cent)Principal 517,.000Interest rateTime 18 mo.Simple IntereslMaturbl value

Calculate the simple interest and maturity value (Do not round intermediate calculations- Round your answets - the nearest cent) Principal 517,.000 Interest rate Time 18 mo. Simple Interesl Maturbl value



Answers

Compute the simple interest for the specified length of time and the future value at the end of that time. Round all answers to the nearest cent. [HINT: See Quick Examples 1-5.] You borrow $\$ 6,000$ for 5 months at $9 \%$ per year.

Okay, we're going to compute the simple interest in the future value if you take out alone and borrow $12,000 for 10 months at 100.5% per month. So at least we both um of these values here, The time, 10 months in the rate Um .05 per month is in that month. So always check that when you start. So we have our future value equaling that Initial value of 12,000 multiplied by one plus. Now the rate, this rate at 10.5 was a percent. So remember it has to be even smaller when we do it as a decimal and we're moving that decimal over two places to the left. So it's going to be a 20.5. And then the time, is that 10 months? So that means that our future value of that loan is going to be that 12,000 times at 1.005. So that's gonna be $12,060. And so the interest accrued in borrowing that money for the 10 months was only $60

Okay, we're going to compute the simple interest in the future value for um a loan where $10,000 is borrowed for 10 months at 3% per year. So notice the difference between months and years. They are going to both have to be in terms of years. So in order to do that, we're going to think about the future value of this loan amount. And so we can say future value equals that initial borrowed amount of $10,000. Now our interest has to be written as a decimal, so that's .03. And then we really need to be in a per year. So since we're months, we can consider there's 12 months in a year and we can do 10 divided by 12. Or you can do five divided by six. So that means that we have their $10,000. It's multiplied by 1.025. That gives us $10,250. So the interest um kind of the cost of the borrowing of the 10,000 is going to be the difference. That's $250.

Okay and simple interest. One pays same interest every year. Independent How much is left on along and in compound interest. The interest paid each year depends on the amount still owed if no money has ever picked off either the mountain road and the simple interest case increases linearly, whereas the compound interest case increase is exponential.

Okay. We need to use our given formula, which all type out I equals p multiplied by our multiplied by t to go ahead and solve this one here. And before we do this, it's important to know that t represents the time in years and so we can see that there's months here, and so that should definitely be taken into consideration. So other than that, it's just plug in some numbers. 31,000 is our principal amount that we start with this rate of two and 1/2 percent. Well, that looks like this. That looks like 0.2 is 2% and 1/2 would be 20.2 five. So that is how we represent two and 1/2 percent. And this 18 months were definitely not plugging in 18 because 18 months ends up being 1.5 years. The way I know that is 18 months is a full year, 12 months, and another six months in six months is 1/2 of a year. Half of a year is represented as 60.5. Other than that, let's let our calculators do the hard work 31,000 times, 0.0 to five ends up being $775. If I multiply that by a year and 1/2 I get 1000 $162 and 50 cents.


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