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2 years ago

A $400,000 loan has monthly interest-only payments of $2,600. What is the annual interest rate? 6.5, 7.2, 7.4 or 7.8?

2 answers:

7 0

Assuming y is annual interest rate
400,000 x y/100 = 2,600
$2600/$400000 x 100 = 0.65% (monthly)
There's 12 months in a year, so 0.65% x 12 = 7.8%

The answer is 7.8%

Hope this helps.

Amiraneli [1.4K]2 years ago

6 0

(annual interest)/(loan amount) = interest rate
(12×$2,600)/$400,000 = .078 = 7.8% . . . . annual interest rate

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2 years ago

Colin invests £2350 into a savings account. The bank gives 4.2% compound interest for the first 4 years and 4.9% thereafter. How

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To solve this, we are going to use the compound interest formula: $A=P(1+ \frac{r}{n} )^{nt}$
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$A$ is the final amount after $t$ years
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$n$ is the number of times the interest is compounded per year

For the first 4 years we know that: $P=2350$ , $r= \frac{4.2}{100} =0.042$ , $t=4$ , and since the problem is not specifying how often the interest is communed, we are going to assume it is compounded annually; therefore, $n=1$ . Lest replace those values in our formula:
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$A=2770.38$

Now, for the next 6 years the intial investment will be the final amount from our previous step, so $P=2770.38$ . We also know that: $r= \frac{4.9}{100} =0.049$ , $t=6$ , and $n=1$ . Lets replace those values in our formula one more time:
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$A=2770.38(1+0.049)^6$
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We can conclude that Collin will have <span>£3691.41 in his account after 10 years.</span>

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