question archive All Saints Catholic Secondary SchoolBUSINESS MATH 1) Kathleen has a $610 loan payment due in eight months
All Saints Catholic Secondary SchoolBUSINESS MATH 1) Kathleen has a $610 loan payment due in eight months
Subject:BusinessPrice:4.87 Bought7
All Saints Catholic Secondary SchoolBUSINESS MATH
1) Kathleen has a $610 loan payment due in eight months. What amount of money should she be able to pay today if the interest on her loan is 3.75% per annum? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Equivalent amount
2) What amount paid on September 16 is equivalent to $1,600 paid on the following December 1 if money can earn 5.6%? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.)
Equivalent value
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Answer:
1-After 8 months kathleen have to pay 625.25 $ .
2- On 1 Dec. , The have to pay = 1618.67 $ .(approx)
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