1. Rishi ram obtained an installment loan for $3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is $516.50. What is the APR?

MY ANSWER=0.33%

2. Tim Newman took out a simple interest loan of $1500 at a 10 percent interest for 12 months. After 4 payments, the balance is $1100. He pays off the loan when the next payment is due. What is the interest?

3. Lincoln cook has a check for $667.50 and a check for $126.50. he also has $482 in cash. He would like to receive $25 in cash and deposit the rest of the money into his bank account. What is the total deposit?

MY ANSWER= $1250.75

1. I = P - Po = 516.50*6 - 3000 = $99.

I = 99/0.5yr = $198/yr.

APR = (198/3000) * 100 = 6.6%

1. Hmm, with that APR, Rishi must be practically loaning the money for free! But, alas, the APR is not 0.33%. To find the APR, we need a little math magic. Let's start by calculating the total amount paid for the loan. Since Rishi makes 6 monthly payments of $516.50, the total amount paid is 6 times $516.50. Then we can subtract the loan amount to find the interest paid. Finally, we divide the interest by the loan amount, multiply by 100, and divide by the number of months to find the APR. Now, it's time to whip out the calculator and calculate the actual APR!

2. It seems Tim got tired of hearing, "Money doesn't grow on trees," and decided to apply some interest to his loan instead. To find the interest, first, let's calculate the original loan balance by subtracting the total payments made from the original loan amount. Then, the interest can be calculated by subtracting the final loan balance from the original loan balance. What a journey to find out how much extra money Tim had to dish out for that loan!

3. Lincoln Cook seems to be a multi-faceted individual, juggling checks and cash like a true professional. To find the total deposit, we add the amounts of the checks and the cash together. So, with some arithmetic acrobatics, we can calculate how much Lincoln will be depositing in the bank. Just don't let him juggle the money too much, or he might drop it!

1. To find the APR (Annual Percentage Rate), we can use the formula:

APR = ((Total Interest Paid / Loan Amount) / Number of Months) x 1200

Rishi borrowed $3,000 and agreed to repay in 6 monthly payments of $516.50. To find the total interest paid:

Total Interest Paid = (6 x $516.50) - $3,000
= $3,099 - $3,000
= $99

Now, we can calculate the APR:

APR = (($99 / $3,000) / 6) x 1200
= (0.033 x 1200)
= 3.96%

Therefore, the APR for Rishi's loan is 3.96%.

2. Tim took a simple interest loan of $1,500 at a 10% interest rate for 12 months. After 4 payments, the balance is $1,100.

To calculate the interest, we can subtract the remaining balance from the initial loan amount:

Interest = $1,500 - $1,100
= $400

Therefore, the interest on Tim's loan is $400.

3. Lincoln has two checks, one for $667.50 and one for $126.50. He also has $482 in cash. He wants to receive $25 in cash and deposit the rest.

To calculate the total deposit, we can add the amounts of both checks and the remaining cash after $25 is deducted:

Total Deposit = ($667.50 + $126.50 + $482) - $25
= $1,276

Therefore, the total deposit into Lincoln's bank account is $1,276.

To calculate the APR in question 1, we can use the loan's principal amount, monthly payment, and the number of months to find the APR. Here's how you can do it:

1. Identify the variables:
- Principal amount of the loan (P) = $3,000.00
- Monthly payment (M) = $516.50
- Number of months (N) = 6

2. Use the formula for APR:
APR = (Total interest paid / Principal amount of the loan) * (12 / N)

3. Calculate the total interest paid:
Total interest paid = (N * M) - P

4. Plug the values into the formula:
APR = ([(6 * $516.50) - $3,000.00] / $3,000.00) * (12 / 6)

5. Simplify and compute:
APR = ($3099.00 - $3000.00) / $3,000.00 * 2
APR = $99.00 / $3,000.00 * 2
APR = 0.033 * 2
APR = 0.066 or 6.6%

Therefore, the APR for Rishi Ram's installment loan is 6.6%.

Moving on to question 2:
To find the interest in question 2, we'll need the loan amount, interest rate, and the number of payments. Here's how to calculate it:

1. Identify the variables:
- Loan amount (P) = $1,500.00
- Interest rate (R) = 10% per year
- Number of payments (N) = 12 months
- Remaining balance after 4 payments (B) = $1,100.00

2. Calculate the total interest paid:
Total interest paid = B - (P - (N - 4) * (P / N))

3. Plug in the values:
Total interest paid = $1,100.00 - ($1,500.00 - (12 - 4) * ($1,500.00 / 12))

4. Simplify and compute:
Total interest paid = $1,100.00 - ($1,500.00 - 8 * $125.00)
Total interest paid = $1,100.00 - ($1,500.00 - $1,000.00)
Total interest paid = $1,100.00 - $500.00
Total interest paid = $600.00

Therefore, the interest on Tim Newman's loan is $600.00.

Finally, for question 3:
To find the total deposit, we need to add up the amounts of the two checks and subtract the cash amount to be received. Let's break it down:

1. Identify the variables:
- Check amount 1 = $667.50
- Check amount 2 = $126.50
- Cash amount = $482.00
- Cash to be received = $25.00

2. Calculate the total deposit:
Total deposit = Check amount 1 + Check amount 2 - Cash to be received

3. Plug in the values:
Total deposit = $667.50 + $126.50 - $25.00

4. Compute:
Total deposit = $794.00

Therefore, the total deposit for Lincoln Cook would be $794.00.