1 suppose you borrow 20 000 at an 18 percent simple interest you must repay your loan in 24 months a what is your total interest expense under the simple interest rate method b what is the effective yield 2 suppose you borrow 20 000 at an 18 – www.savvyessaywriters.net

Suppose you borrow $20,000 at an 18 percent simple interest. You must repay your loan in 24 months.
- What is your total interest expense (under the simple interest rate method)?
- What is the effective yield?
Suppose you borrow $20,000 at an 18 percent simple interest but must repay your loan in 12 equal monthly payments.
- Find the APR for this loan.
- What is the corresponding EAR?
Suppose you deposit $20,000 in a savings account. After 210 days, you withdraw your funds. If the bank paid you $340 in interest for the 210-day period, what is your APY?
Suppose that the house of your dreams costs $1,200,000. You manage to scrap a 20 percent down payment. You borrow the rest from a bank. The terms of the loan are:

30 years
4.5 percent
Monthly payments
- Find the amount of each monthly payment.
- Suppose you decide to sell the house after 12 years:
  - What is the loan balance at the end of 12 years?
  - What is the amount of your total payments over the 12 years?
  - What is the amount of your total principal payments over the 12 years?
  - What is the amount of your total interest payments over the 12 years?
- Use Excel to set up an amortization table. ( MUST SEE EXCEL)

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