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- A person’s credit score is important in determining the interest rate they have to pay on a home mortgage. According to Consumer Credit Counseling Service, a homeowner with a $100,000 mortgage and a 580 credit score will pay $90,325 more in interest charges over the life of a 30-year loan than a homeowner with the same mortgage and a credit score of 720. How much higher would the interest rate per year have to be in order to account for this much difference in interest charges, if the $100,000 loan is repaid in a single lump sum payment at the end of 30 years?To make CDs look more attractive as an investment than they really are, some banks advertise that their rates are higher than their competitors' rates; however, the fine print says that the rate is based on simple interest. If you were to deposit $12,000 at 12% per year simple interest in a CD, what compound interest rate would yield the same amount of money in 3 years? The compound interest rate that would yield the same amount of money in 3 years is % per year.(a) A town has a population of 5000 persons, but is expected to grow by 2% every year.(i) What would be the population size in 7 years?(ii) Find the sum of the first eight terms of the sequence18, −14,12, . . . ..(b) A landscape contractor is hired to cultivate ornamental plants in three new residentialdevelopments. The contractor charges the developer for each tree cultivated, an hourly rateto cultivate the ornamental plants, and a fixed delivery charge. In one development it took211 labour hours to cultivate 244 ornamental plants for a cost of $9394. In a second developmentit took 128 labour hours to cultivate 283 ornamental plants for a cost of $8270. In the finaldevelopment it took 165 labour hours to cultivate 386 ornamental plants for a cost of $10938.
- A customer just paid $77.91 for a raincoat. If the percent markup based on cost is 47%, what was the cost ( in $)Vebco Water and Gas received a contract for a seawater desalination plant wherein the company expected to make a 28% rate of return on its investment. 1. If Vebco invested $8 million the first year, what was the amount of its profit in that year? 2. What amount would have to be invested to realize the same monetary amount of return if the rate decreases to 15% per year?Find the value of APC if the C is 1123 billion and Y is 211 billion
- Your company has a $300,000 loan for a new security system it just bought. The annual payment is $ 28,500 and the interest rate is 7% per year for 20 years. Your company decides that it can afford to pay $40,000,000 per year. After how many payments (years) will the loan be paid off? Answer is Blank 1 years Note: do not use comma, no need to put the unit of measure and final answer must be in 2 decimal placesDetermine the rate of return for the following cash flow using trail & error approach with linear interpolation. Don’t use excel use the linear interpolation formula1.25 To attract new customers, EP Employees Credit Union advertised that they will begin paying 3% interest every quarter on all savings accounts. (Their competitors pay interest every 6 months.) The credit union uses March 31st, June 30th, September 30th, and December 31st as quarterly interest periods. Determine (a) the end-of period totals in the account, and (b) the interest paid each quarter on the total. Assume there are no withdrawals and that quarterly interest is not redeposited. Month Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Deposit, $ 50 70 0 120 20 0 200-150 90 0 40 110 0