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Bad White [126]
3 years ago
11

On this date last year, you borrowed $3,900. You have to repay the loan with a lump sum payment of $6,000 six years from now. Wh

at is the interest rate?
Business
1 answer:
Vlada [557]3 years ago
8 0

Answer:

Interest Rate=0.0635=6.35%

Explanation:

Given Data:

Money Borrowed last year=PV=$3,900

Future Payment as a lump sum payment=FV=$6,000

Total Number of years=n=7 years

Required:

Interest Rate=i=?

Solution:

Formula:

FV=PV(1+i)^n

In our case, FV=$6,000, PV=$3,900, n=7

i=(\frac{FV}{PV})^{1/n}-1\\i=(\frac{6000}{3900})^{1/7}-1\\ i=0.0635

Interest Rate=0.0635=6.35%

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2 years ago
How much interest is earned in just the third year on a $1,000 deposit that earns 7% interest compounded annually?
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Answer:

Interest earn= $80.14

Explanation:

Giving the following information:

PV= $1,000

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<u>First, we will calculate the future value at the second year:</u>

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