A credit card company charges compound interest annually on any unpaid debts at 5%. Mr. Brian now has outstanding debt of $4200. What will be his outstanding debt 3 years from now? Round to the nearest penny

Q: Lisa McNeil needs to choose between two invest- ments: One pays 6% compounded annually, and the…

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Q: A recent college graduate moves back in with their parents and invests their entire first-year…

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Q: You inherit $70,000 from a very wealthy​ grandparent, with the stipulation that for the first​ year,…

A: Let x (in dollars)  be the amount invested at 4% and then amount invested at 10% is (70000-x)…

Q: Alexus would like to accumulate $154,600 for her retirement in 25 years. If her local bank promises…

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Q: A man buys a car for $20,000. If the interest rate on his loan is 12% compounded monthly, and if he…

A: NOTE: Refresh your page if you can't see any equations. . here we have PMT=500 t=36 months…

Q: If you were investing money in an account and the interest rate was the same either way, would you…

A: If the same amount of money is deposited and the same rate of interest is applied then: Simple…

Q: The adult children of a college professor are endowing a scholarship fund in their father’s name.…

A: Given that, Present value = P = $1000 Interest rate = r = 6% = 0.06 Time = n = 3years

Q: Pamela invests $16,300 in a savings account for which interest is compounded monthly, and if the…

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Q: John wants to retire with $10,000 per month, how much principal is necessary to generate this amount…

A: Use the formula I=Prt100, where P is principal, and r is the rate of interest, t is the time.,…

Q: You inherit $28,000 from a very wealthy grandparent, with the stipulation that for the first year,…

A: Let x=amount invested at 4%       y=amount invested at 10%

Q: If the present worth of a company is 3000$ with interest rate of 9% for 6 years, the EUAC of the…

A: Given: Present value = $ 3000 Interest rate = 9% Number of periods n = 6 years

Q: Yolanda borrowed $8000 at a rate of 6%, compound quarterly. Assuming she makes no payments, how much…

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Q: At a 5 % annual interest rate, a principal of $2,000 earns $ 400. How long was the principal…

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Q: A lending company advertises that for a fee of P10, you can immediately borrow up to P200 for one…

A: The formula relates present value(P), future value(F), interest rate(i) and the number of years(n)…

Q: · A local car wash charges $3 per wash, or one can pay $12.98 for 5 washes, payable in advance with…

A: 5) A local car wash charges $3 per wash. One can pay $12.98 for 5 washes which are payable in…

Q: Kira borrowed $8000 at a rate of 7%, compounded annually. Assuming she makes no payments, how much…

A: kira borrowed $8000 at a rate of 7%, compounded annually.how much money after 7 years.

Q: If u make an investment of $5000 and the investment earns an annual interest rate of 2.1%, how much…

A: The simple interest SI on a sum of P at R rate of interest for T years is expressed as SI=P×R×T100…

Q: Joel is considering putting a 1300 laptop on his credit card, which has an interest rate of 2.25%…

A: Let's say a person has taken a certain amount of loan and wants to repay it in equal installments.…

Q: If money is worth 4 % compounded monthly, what payment at the end of each quarter will replace…

A: The value of r compounded monthly , r=4% compounded monthly=412%  Number of months in each quarter =…

Q: A payday loan company charges a $90 fee for a $600 payday loan that will be repaid in 20 days.…

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Q: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound…

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Q: A loan of $23,000 is made at 8% interest, compounded annually. After how many years will the amount…

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Q: Robin wishes to accumulate a sum of $450,000 in a retirement account by the time of her retirement…

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Q: venture promises a 7% annual interest rate compounded once a year. For how many years should Roger…

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Q: Your starting salary at a new companv is $34,000 and it increases bv 2.5% each vear. What will vour…

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Q: Ruth availed of a cash loan that gave her an option to pay P5,000 monthly for 1 year. The first…

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Q: If $600 is borrowed and the interest after 24 months is $120, what is the annual interest rate for a…

A: Solution

Q: How much interest will Roxanne have to pay if she borrows $2000 for 2 yr at a simple interest rate…

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Q: How much interest will Roxanne have to pay if she borrows $1000 for 2 yr at a simple interest rate…

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Q: Rob has 100,000. Invested into a fund that adds 5% per year.  How much will he have in 20 years…

A: Given: Initial amount=100,000 Increasing amount=5% of ininitial amount Time = 20 years

Q: Wendy, a loan officer at a bank, has $1,000,000 to lend and is required to obtain an average return…

A: Given, Wendy, a loan officer at a bank, has $1,000,000 to lend and is required to obtain an average…

Q: If the rate of interest in Example 2 was 6% instead of 1.2%, how much will the account have after 24…

A: Principal Investment (P) =$1000 Rate of interest (R) = 6% per annum = 612% per month=12% per month…

Q: If money is worth 5% compounded quarterly, find the equated time for paying a loan of P150,000.00…

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Q: A loan of 18,000 is made at 4.5% interest, compound annually. After how many years will the amount…

A: Given, Principal = p = 18,000Rate of interest = r = 4.5%  compounded annually Amount = A  ≥24, 000…

Q: Mr. Gordon plans to invest $300 at the end of each month in an account that pays 6%, compounded…

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Q: A couple buys a new bedroom furniture set for 16,000 pesos and 10 years later sells it for 8,000…

A: We have to find the depereciated value after 14 years.

Q: At what simple interest rate will an amount of money gain 50% of the principal in 4 years?

A: Principal = PAmount = A Time = T = 4 yearsAccording to question, Amount becomes 150% of principal…

Q: A recent college graduate moves back in with their parents and invests their entire first-year…

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Q: John wants to have $40,000 in cash four years from now in order to pay for part of his mortgage on…

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Q: If you paid $54 to a loan company for the use of $1,040 for 42 days, what annual rate of interest…

A: We will use the Simple Interest Formula to calculate the annual rate of interest. Simple Interest…

Q: If you borrow $800 for 6 months at 6% annual simple interest, how much must you repay at the end of…

A: Simple Interest Formula: A = P 1+r·t where A is the final amount. P is the initial amount. r is the…

Q: A new furniture set costs $2500. If you make a down payment of $500 and finance the rest at a rate…

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Q: After graduating with a master's degree, Naomi combined all of her student loans into a single loan…

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Q: If an investment company pays 6% compounded semiannually, how much should you deposit now to have…

A: Compound interest formula:

Q: Maryam is planning to invest P150,000. Bank A is offering 7.5% compounded semi- annually while Bank…

A: The principal will be equal to 1,50,000 . From bank A , The rate = r               =7.5%…

Q: Farid placed RM5,000 in a bank account for six years. The bank offered an interest rate of 6%…

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Q: A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $1200 in 10…

A: The formula for Simple Interest is given by S.I=PRT100 where P is the principle, R is the rate and T…

Q: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound…

A: Principal  =  $5000  Rate  =  10%  =  0.1     Final amount to be paid    =  5000 × ( 1 + (10/100) )3…

Q: For her 1st birthday, Ruth's grandparents invested $700 in an 18-year certificate for her that pays…

A: Given: For her 1st birthday, Ruth's grandparents invested $700 in an 18-year certificate for her…