Answer the following questions involving simple interest. Round all answers to the nearest dollar. Include...
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Answer the following questions involving simple interest. Round all answers to the nearest dollar. Include the decimal and 00 for cents (25,000.00 for example). Do not include the dollar symbol. 1. Interest rate is 4.5% per year. The starting balance is $125,000. The duration of the loan is 10 years. How much interest will accrue at the end of the loan period? What is the total amount of the loan (initial loan amount plus interest)? 2. Interest rate is 3.9% per year. The starting balance is $25,000. The duration of the loan is 5 years. How much interest will accrue at the end of the loan period? What is the total amount of the loan (initial loan amount plus interest)? 3. Interest rate is 4% per year. The starting balance is $250,000. The duration of the loan is 8 years. How much interest will accrue at the end of the loan period? What is the total amount of the loan (initial loan amount plus interest)
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