A loan of $23,000 is made at 8% interest, compounded annually. After how many years will the amount due reach $58,000 or more? (Use the calculator provided if necessary.) Write the smallest possible whole number answer. I years ?

Q: If money is worth 4% compounded quarterly, how much (in $) would the house have cost if she had paid…

A: Concept: The trigonometric ratio are ratios, sine, cosine, tangent, cosecant, secant and cotangent.…

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: An amount of $23,000 is borrowed for 14 years at 6.75% Interest, compounded annually. If the loan is…

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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: A year-end bonus of $25,000 will generate how much money at the beginning of each month for the next…

A: Given that the year-end bonus is $25,000 that can be invested at 6.15% compounded monthly.

Q: How many years are required for your money to triple if it is invested at 9% compounded? a. annually…

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Q: An account is compounded monthly for 5 years with an APR of 9%. For the principle amount of $15,000.…

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Q: An amount of $29,000 is borrowed for 15 years at 8.25% interest, compounded annually. If the loan is…

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Q: an

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Q: A principal of $3700 is invested at 5% interest, compounded annually. How many years will it take to…

A: GIVEN: Principal amount = $3700 Interest rate = 5%

Q: An amount of $25,000 is borrowed for 5 years at 4% interest, compounded annually. If the loan is…

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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 loan of $24,000 is made at 3.75% interest, compounded annually. After how many years will the…

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Q: Edgar accumulated $7,000 in credit card debt. If the interest rate is 30% per year, and he does not…

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Q: An amount of $43,000 is borrowed for 7 years at 5% interest, compounded annually. If the loan is…

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Q: A homeowner planning a kitchen remodeling an afford $700 monthly payment. How much can the homeowner…

A: Given that  A homeowner planning a kitchen remodeling an afford $700 monthly payment. How much can…

Q: how much will a invesment of $500 be worth after 7 years if it earned a yearly rate of 7.2%…

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Q: In how many years will the amount of P10,000 triple if invested at an interest rate of 10%…

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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: A principal of $4600 is invested at 7% interest, compounded annually. How many years will it take to…

A: A=P(1+r/100)t   Here a is amount p is principle  r is rate of interest and t is time in years

Q: Edgar accumulated $6,000 in credit card debt. If the interest rate is 20% per year, and he does not…

A: Given:  P = 6000  r = 20% = 20/100 = 0.2   t = 3

Q: A Joan of $15.000 is made at 7.75% interest, compounded annually. After how many years will the…

A: Formula for compounded annually -  A= P(1+r)t  Given-  A= $38000  P = $15000  r = 7.75%

Q: Solve Problem 20.4 using Excel.

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Q: Use the compound interest​ formula, A=P1+rnnt​, to solve the problem given. Round answers to the…

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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: Sumi Kato's savings account has a balance of $1292. After 12 years what will the amount of interest…

A: Compound interest formula

Q: A year-end bonus of $27,000 will generate how much money at the beginning of each month for the next…

A: An annuity is an investment put in a certain amount of money each year or each month. there are two…

Q: A loan of $43,000 is made at 8.25% interest, compounded annually. After how many years will the…

A: Compound Interest Formula: A = P·1+rnn·t where A = Accrued amount P = Principal amount r = rate of…

Q: Ms. Roberts decided to invest some money in an insurance company with an interest rate of 9%…

A: Given that interest rate is 9%. The formula for calculating compound interest is given by, A= P(1+…

Q: A loan of $15.000 is made at 7.75% interest, compounded annually. After how many years will the…

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Q: A loan of $37,000 is made at 5.75% interest, compounded annually. After how many years will the…

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Q: A loan of  $29,000  is made at  4.25%  interest, compounded annually. After how many years will…

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Q: If you placed $1 into an account that paid interest at a rate of 6% and compounded the interest…

A: given, principal (P)=$1       interest rate (R)=6%=6/100 =0.06      time (t)  = 300 years…

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: Given the principal of $5000 and an investment that pays 8% interest, compounded monthly. How much…

A: Consider the given information.   The principal amount is $5000 at the rate of 8% and invested for 7…

Q: Rowan invests $600 into an account with a 2.9% interest rate that is compounded quarterly. How much…

A: Given p=$600, r=2.9% (r=0.029), t=5 years  for compounded quarterly n=4

Q: A loan of $26,000 is made at 8.75% interest, compounded annually. After how many years will the…

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Q: loan of $12,000 is made at 6% interest, compounded annually. After how many years will the amount…

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Q: A year-end bonus of $20,000 will generate how much money at the beginning of each month for the next…

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Q: John buys a stereo system for $640. He agrees to pay $32 a month for 2 years. Assuming that interest…

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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: A year-end bonus of $22,000 will generate how much money at the beginning of each month for the next…

A: The payment that has to be done at the beginning of each period is Annuity. In this problem, the…

Q: A bank pays 6 % interest annually on savings, compounding the interest yearly. If we deposit $1000,…

A: Consider the given information.

Q: A loan of $42.000 is made at 3.25% interest, compounded annually. After how many years will the…

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Q: A loan $43,000 of is made at interest 5%, compounded annually. After how many years will the amount…

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Q: A principal of $3800 is invested at 8.5% interest, compounded annually. How many years will it take…

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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…

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

Q: % interest, compounded annually. After how many years will the amount due reach $44,000

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Q: An amount of $28,000 is borrowed for 15 years at 7.5% interest, compounded annually. If the loan is…

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