APPLE, INC. www.apple.com Facts: • 1976: Founded • 1984: Introduced Macintosh • 2001: Introduced iPod • 2003: Opened iTunes Music Store • 2007: Introduced iPhone • 2010: Introduced iPad • 2015:...

Extracted text: APPLE, INC. www.apple.com Facts: • 1976: Founded • 1984: Introduced Macintosh • 2001: Introduced iPod • 2003: Opened iTunes Music Store • 2007: Introduced iPhone • 2010: Introduced iPad • 2015: Introduced Apple Watch Jessica Hernandez wanted to open a retail outlet in a mall where she could sell iPhones. But Apple would not allow it, so she focused on building web pages for businesses. As her business started to grow, she realized she would soon need to hire one or two people and that she needed to buy some computers. In other words she could not grow her business without borrowing. 1. Hernandez decided to borrow $85,000 for 10 months. She found that banks would lend to her only if she had a cosigner on the note-fortunately her uncle was a successful business owner and he agreed to cosign. Bank One offered the funds at a 10% simple discount. Find the maturity value of the loan and the discount. 1. 2. Once Hernandez's uncle agreed to cosign on a loan, Union Bank offered to lend Hernandez $85,000 at 10.5% simple interest. Find the interest and maturity value. E 回 2.


Extracted text: 1. Hernandez decided to borrow $85,000 for 10 months. She found that banks would lend to her only if she had a cosigner on the note-fortunately her uncle was a successful business owner and he agreed to cosign. Bank One offered the funds at a 10% simple discount. Find the maturity value of the loan and the discount. 1. 2. Once Hernandez's uncle agreed to cosign on a loan, Union Bank offered to lend Hernandez $85,000 at 10.5% simple interest. Find the interest and maturity value. 2. 3. Find the loan with the lower interest and find the difference in interest. 3. 4. Find the effective interest rate for both loans to the nearest hundredth of a percent. Bank Interest Loan Amount Effective Rate Bank One $7727.27 $85,000 Union Bank $7437.50 $85,000 4.