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You decide to take out a simple interest loan for $5000, at 7% yearly interest on the date that unit 4 starts




Question;Simple Interest (please use exact interest)In this and future Instructor Graded Assignments you will be asked to use the answers youfound in the Unit 1 Assignment.Note: For these questions you need to cite a reliable source for information, which means youcannot use sites like Wikipedia,, and Yahoo answers. If you do use those sites theinstructor may award 0 points for your response.The Assignment problems must have the work shown at all times. The steps for solving theproblems must be explained. Failure to do so could result in your submission being given a 0. Ifyou have any questions about how much work to show, please contact your instructor.Assignments must be submitted as a Microsoft Word document and uploaded to the Dropboxfor Unit 4. Please type all answers directly in this Assignment below the question it applies to.All Assignments are due by Tuesday at 11:59 PM ET of the assigned Unit.Note: All interest rates are to be assumed to be yearly interest rates. Please use exact interest.In these questions, you will need to use the date that unit 4 starts for your class.List the date that Unit 4 started for your class:Question 1(10 points)1. You decide to take out a simple interest loan for $5000, at 7% yearly interest on the date thatunit 4 starts for you. If you repay the loan on December 31st (at the end of the current year)...a) How much do you pay total when you pay off the loan?b) How much interest do you pay?Question 2(15 points)2. You decide to take out a $20000 simple interest loan at 4%, on the date unit 4 started for you.a) In 45 days you decide to pay off $8000 of the loan. What is your new principal?Explain how you got the answer.b) 30 days after the first payment, you pay another $6000. What is your new principal?Explain how you got the answer you did.c) 45 days after the 2nd payment, your loan comes due. How much do you need to paythen? Explain your reasoning.Question 3(5 points)3. You need $400 badly, and decide to write a check at a check cashing place to get that money.Assuming you much write the check for $500 to get the $400 in cash, and the check will becashed in 2 weeks, what simple interest rate did you just pay? Assume 52 weeks in a year forthis problemEssay(15 points)4. Same as cash deals are becoming very popular these days. Research a couple same ascash deals and write an essay explaining the advantages and disadvantages of each. Whenwould one of these deals be a good deal for a person? When would using a same as cash dealbe a poor idea?RequirementsWrite your essay in this document do not save it in a separate file.You must clearly state your position with well-structured paragraphs using propergrammar, spelling, and sentence structure.This is not an opinion question you must offer evidence to support yourposition, using properly-cited sources.Your answer must be between -1 page in length.You must cite and reference at least one source (book, website, periodical) usingAPA format.Do not use unreliable sources such as Wikipedia, and Yahoo! Answers.You may submit your Assignments to the Math Center for review. Tutors will not grade or correctthe Assignment, but they will provide guidance for improvement. Tutors will not, however, helpyou find web sites for the Assignment.Be sure to submit Assignments early enough to receive feedback and make corrections beforethe Assignment due date (24 hour turn-around times Monday-Thursday and 48 hour turn-aroundtimes on weekends are typical).


Paper#60278 | Written in 18-Jul-2015

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