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Secure I https://www.mathd.com/Student/PlayerH rk.aspx?hom Id-468909627questionld-6&tflushed-falseicld-48852578; Bryan Wilridge &I; 1/23 ECON 430 Spring 2018- Section 1 Homework: HW #1 Score: 0 of 1 pt Problem 3-13 (algorithmic) 6 of 10 (5 complete) HW Score: 41% Quest For an interest rate of 9% compounded annually, determine the following (a) How much can be lent now if $19,000 will be repaid at the end of five years? (b) How much will be required in five years to repay a $31,000 loan received now? Click the icon to view the interest factors for discrete compounding when 9% per year. (a) The amount to be lent now is (Round to the nearest dollar) Enter your answer in the answer box and then click Check part remaining

Explanation / Answer

Interest= principle* rate* time

$12000-Principal = Principal*4yrs*13/100

$19,000-Principal = Principal*5yrs*9/100

$19000-p=0.45p

$19000=1.45p

P=$13103.45

Amount repaid = principle + interest

Amount repaid =31000(100+9*5 yrs)/100 =$44950

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