A student has received a $30,000 loan from a wealthy

| August 30, 2017

Question
1.A student has received a $30,000 loan from a wealthy aunt in order to finance his 4-year college program. The terms are that the student repay his aunt in full at the end of 8 years with simple interest computed at a rate of 4 percent per year. Determine the interest which must be paid on the 8-year loan.

2.

A $10,000 certificate of deposit earns interest of 8 percent per year, compounded semiannually. Complete the following table with regard to semiannual compounding. What is total interest over the 2-year period?

Semiannual

(P)

(I)

(+I)

Period

Principal

Interest

Compound Amount

1

$10,000

$400

$10,400.00

2

3

Get a 30 % discount on an order above $ 5
Use the following coupon code:
CHRISTMAS
Order your essay today and save 30% with the discount code: CHRISTMASOrder Now
Positive SSL