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galina1969 [7]
3 years ago
9

a bank offers an annual simple interest rate of 8% on Home Improvement loans, Tobias borrowed $17,000 over a period of 2 years.

How much did he repay altogether
Mathematics
1 answer:
shepuryov [24]3 years ago
7 0
The answer would be $19,270.
Steps: 
1. Take 17,000 and multiply by 8%.
2. Take the sum of that which is $1,360 and multiply by two (for the two years).
3.The sum of that would be $2,720 and add onto $17,000.
4. The sum of that would be $19,270!
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Answer:

a) 8.16%

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c) $39,701.07

Step-by-step explanation:

Given:

15 years ago, Initial investment = $12500

5 years ago, Investment = $20000

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a) for the effective annual interest rate (EAR) in the first 10 years, let's use the formula:

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The effective annual interesting rate, EAR = 8.16 %

b) To find the amount in my account today.

Let's first find the amount for $12500 for 10 years compounded semi annually

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Let's also find the amount for $32,500($12,500+$20,000) for 5 Years compoundeed annually

$32,500 + ($32,500 * 6.5% *5)

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For first 10 years at 8.160%, we have:

Interest Amount = ( X * 8.160% * 10 ) = 0.8160 X

For next 5 years at 6.5%, we have:

Interest Amount = (X * 6.5% * 5) = 0.325 X

Therefore the total money at the end of 15 Years = 85000

0.8160X + 0.3250X + X = $85,000

= 2.141X = $85,000

X = 85,000/2.141

X = 39,701.074 ≈ $39,700

If I wish to have $85,000 now, I should have invested $39,700 15 years ago

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