Help Please

[khalil]

Since Accounting is business maths, I have a few questions I'd like to ask since the FM threads are deserted. I hope you dont mind!

Sergei has $5000 he wishes to invest for 5 years.
Company A offers him  simple interest.
Company B offers him compound interest, compounding
monthly.

Find, correct to one decimal place, the simple interest rate Company A should
offer if the two investments are to be equal after five years?

ans. 7.1%

[AppleXY]

Hmmm, toughie lol.

I Keep obtaining r = 0 LOL.

I'm pretty sure that answer is incorrect as well because they don't match.

Proof:

Simple,

FV = PV(1+rt)
FV = 5000(1+5*0.071)
FV = $6775

Compound,

FV = PV(1+r/n)^(nt)
FV = PV(1+0.071/12)^(60)
FV = $7123

$7123 =! $6775. QED.

[khalil]

I got the answer
5000+(5000*x*5)/100=6777.9 solve for x

[khalil]

Can you help me with this one:
 A credit institution offers loans of up to $12 000 at an interest rate of 9.33% per annum
calculated on the principal.
a Calculate the interest charged on a loan of $9500 after three years.
b Calculate the monthly repayments on the loan in a if it is to be fully repaid in five years.
c If monthly repayments of $370.75 are made, how long does it take to fully repay the
loan?

I cant get c)
ans for c) is 32 months I keep getting 38 months

[mba]

These are my answers from a Casio ClassPad 330. They could be wrong.

[khalil]

Thanks Suttie, although your answers are wrong! And I only need help with c) whose answer is 32.
Btw a) 2660
      b) 232.2

[AppleXY]

12,160 / 370.75 = 32.7 months?