A loan is to be repaid quarterly for 12 years that will start at the end of 3 years. If the interest rate is 4% converted quarterly, how much is the loan if the quarterly payment is 10,000? Round off your answer in two decimal places.

Q: Determine the value of an account at the end of 5 years if the principal amount of $14000 is…

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Q: An amount of $43,000 is borrowed for 6 years at 6.5% interest, compounded annually. If the loan is…

A: Interest is compounded annually, therefore n=1

Q: A couple who borrow $60,000 for 15 years at 6%, compounded monthly, must make monthly payments of…

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Q: A college student borrows $10,000 today at 10% interest compounded annually. Four years later, the…

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Q: Parents wish to have $160,000 available for a child's education. If the child is now 10 years old,…

A: The formula for the future value is given by FV=PV1+rnnt  where PV is the present value, r is the…

Q: The Weidmans want to save $50,000 in 3 years for a down payment on a house. If they make monthly…

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Q: Isaiah is going to invest $94,000 and leave it in an account for 16 years.Assuming the interest is…

A: Isaiah is going to invest $94,000 and leave it in an account for 16 years. The interest is…

Q: Suppose you see a car with a price of $12,000 that is advertised at $300 per month for 5 years. What…

A: Given: Price of the car=$12000, Payment=$300 per month, time=5 years.

Q: A student takes out a college loan of $7000 at an annual percentage rate of 5%, compounded monthly.…

A: Given data: Principal, P =$7000 Rate, r=5% Since the interest is compounded monthly, n=12 Amount,…

Q: The Weidmans want to save $25,000 in 2 years for a down payment on a house. If they make monthly…

A: Amount required in 2 years (Future value) =$25,000Time in months (n) = 2*12=24Interest rate is 12%…

Q: Suppose you purchase a car and you are going to finance $14,000 for 48 months at an APR of 6.6%…

A: Given:  Finance amount (P)=$14,000             Time (t)= 48 months= 4 years             Interest…

Q: Beck would like to be a millionaire in 35 years. How much would she need to invest quarterly in a…

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Q: A loan of $27,000 is made at 8.25% interest, compounded annually. After how many years will the…

A: A=P1+rtP is the initial amountA is the amount after t years.r is the rate of interest

Q: A college atudent borrows $10,000 today at 10% interest compounded annually. For years later, the…

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Q: A credit card has a compound interest rate of 22.5% per year on overdue balances. How much interest…

A: According to question given thatCredit card interest rate= 22.5% per yearBalance= $485.00

Q: A homeowner planning a kitchen remodeling can afford a $900 monthly payment. How much can the…

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Q: 2. At an interest rate of 2% per month, the money will double in value in how many months?

A: The compound interest formula for an amount P compounded per month at a rate of r% for n months is…

Q: In order to pay for college, the parents of a child invest $30,000 in a bond that pays 9% interest…

A: Given : P = 30,000 r = 9% = 9/100 = 0.09  t = 19 Semi-annually means  n = 2

Q: The Jones want to save $51,000.00 in 2 years for a down payment on a house. If they make monthly…

A: FV=PMT1+rnnt-1rn FV=51000 t=2 years r=3%=0.03 n=12 for a monthly payment

Q: the per age. (R your earest cel $800,000 borrowed at 7% for 2 years, with quarterly payments

A: Use formula of periodic payment

Q: A woman wants to borrow $12,000 to buy a car. She wants to repay the loan by monthly installments…

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Q: At what simple interest rate will an amount of money double itself in 10 years?

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Q: The Weidmans want to save $50,000 in 2 years for a down payment on a house. If they make monthly…

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Q: Kristy Joe deposits $150 each month in an ordinary annuity to save for a new car. If the annuity…

A: We will find out the required savings for given ordinary annuity.

Q: A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the…

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Q: The Weidmans want to save $20,000 in 2 years for a down payment on a house. If they make monthly…

A:

Q: Suppose you want to accumulate $100,000 for a down payment on a house in 6 years. You make a single…

A: Solution is given below:

Q: (a) If you invest $5,000 in an account that earns an APR of 3% with quarterly compounding, what will…

A: P = 5000 APR = 3% t = 10 year

Q: How much interest will be charged on ₱ 7,300 borrowed for (3) years at a simple interest rate of 12%…

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Q: A MasterCard statement shows a balance of $560 at 13.9% compounded monthly. What monthly payment…

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Q: A homeowner planning a kitchen remodeling can afford a $800 monthly payment. How much can the…

A: Let's use the annuity formula   We need to calculate the PV

Q: If a bank advertises "triple your money in 12 years", what simple rate of interest is it offering?

A: We need to calculate the simple interest that the bank offers. The bank says "triple your money in…

Q: At what rate of simple interest an amount will double itself on 10 years?

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Q: What single payment today would replace a payment of $900 in 3 years and a payment of $3,900 in 4…

A: The compound interest formula is A=P1+r100n, where A is the amount, P is the principal, r is the…

Q: If a savings fund pays interest at a rate of 3% per year compounded semiannually, how much money…

A: Compound interest is a form increments in the savings where each increment is added regularly to the…

Q: How much interest will be charged on ₱7,300 borrowed for three (3) years at a simple interest rate…

A: To find Interest charged charged on 7,300 borrowed for three (3) years at a simple interest rate of…

Q: A payment of $1500 is due in three months. Find the equivalent value at nine months if the interest…

A: Given interest rate is 4% compounded quarterly. F.V=P.V(1+r/k)nk Here, F.V= Future value P.V=Present…

Q: If the final value is $5380 at the end of 5 years and the simple rate of interest is 9%, what is the…

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Q: Suppose that you borrow $2000.00 from a friend and promise to pay back $4150.00 in 5 years. What…

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Q: Melissa has an offer from a credit card issuer for 0% APR for the first 60 days and 28.49% APR…

A:

Q: . If a $28,700 salary is increased 5 percent each year to keep ahead of inflation, what will this…

A:

Q: A student takes out a college loan of $4000 at an annual percentage rate of 6%, compounded monthly.…

A:

Q: The Weidmans want to save $40,000 in 3 years for a down payment on a house. If they make monthly…

A: Given data  D = 40,000 r = 0.12 N = 12 x 3 = 36  We want to make monthly deposit to generate a…

Q: A student takes out a college loan of $8000 at an annual percentage rate of 4%, compounded monthly.…

A:

Q: If the inflation rate is 4.85% compounded annually, how long will it take for prices to double?

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Q: Suppose that you borrow $2000.00 from a friend and promise to pay back $3680.00 in 4 years. What…

A: Formula for Simple Interest 1)S.I=P×R×T100where S.I is Simple Interest          P is pincipal amount…

Q: A student takes out a college loan of $6000 at an annual percentage rate of 3%, compounded monthly.…

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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 we invest $4,000.00 in an investment accoint with a 3% APR interest rate, compounded monthly, how…

A: here we have  P=4000 r=3%=0.03 n=12 for monthly compound  t=6 years

Q: A student takes out a college loan of $6000 at an annual percentage rate of 5%, compounded monthly.…

A: GIVEN: Student takes out a college loan of $6000 Rate = 5% monthly