kaplan mm255 unit 4 assignment

Unit 4: Instructor Graded AssignmentSimple Interest (please use exact interest)In this and future Instructor Graded Assignments you will be asked to use the answers you found in the Unit 1 Assignment.Note: For these questions you need to cite a reliable source for information, which means you cannot use sites like Wikipedia, Ask.com®, and Yahoo® answers. If you do use those sites the instructor may award 0 points for your response.The Assignment problems must have the work shown at all times. The steps for solving the problems must be explained. Failure to do so could result in your submission being given a 0. If you have any questions about how much work to show, please contact your instructor.Assignments must be submitted as a Microsoft Word® document and uploaded to the Dropbox for Unit 4. Please type all answers directly in this Assignment below the question it applies to.All Assignments are due by Tuesday at 11:59 PM ET of the assigned Unit.Note: All interest rates are to be assumed to beyearlyinterest rates. Please useexactinterest.In these questions, you will need to use the date that unit 4 starts for your class.List the date that Unit 4 started for your class:· Unit 4 start date: _________________Question 1(10 points)1. You decide to take out a simple interest loan for $5000, at 7% yearly interest on the date that unit 4 starts for you. If you repay the loan on December 31st (at the end of the current year)…a) How much do you pay total when you pay off the loan?b) How much interest do you pay?Question 2(15 points)2. You decide to take out a $20000 simple interest loan at 4%, on the date unit 4 started for you.a) In 45 days you decide to pay off $8000 of the loan. What is your new principal? Explain how you got the answer.b) 30 days after the first payment, you pay another $6000. What is your new principal? Explain how you got the answer you did.c) 45 days after the 2nd payment, your loan comes due. How much do you need to pay then? Explain your reasoning.Question 3(5 points)3. You need $400 badly, and decide to write a check at a check cashing place to get that money. Assuming you much write the check for $500 to get the $400 in cash, and the check will be cashed in 2 weeks, what simple interest rate did you just pay? Assume 52 weeks in a year for this problemEssay(15 points)4. Same as cash deals are becoming very popular these days. Research a couple same as cash deals and write an essay explaining the advantages and disadvantages of each. When would one of these deals be a good deal for a person? When would using a same as cash deal be a poor idea?Requirements· Write your essay in this document – do not save it in a separate file.· You must clearly state your position with well-structured paragraphs using proper grammar, spelling, and sentence structure.· This is not an “opinion” question – you must offer evidence to support your position, using properly-cited sources.· Your answer must be between ¾-1 page in length.· You must cite and reference at least one source (book, website, periodical) using APA format.· Do not use unreliable sources such as Wikipedia, and Yahoo! Answers.You may submit your Assignments to the Math Center for review. Tutors will not grade or correct the Assignment, but they will provide guidance for improvement. Tutors will not, however, help you find web sites for the Assignment.