Andre Castello owns a savings account that is paying 2.5% interest compounded annually His current balance is $7.598.42. How much interest will he earn over 5 years if the rate remains constant? Select one: a. $998.49 b. $8596.91 c. $949.80 d. $882.52

Q: Al invested $7,200 in an account that pays 4 percent simple interest. How much money will he have at…

A: We need to use simple interest formula to solve this problem A=P(1+rt) Where A= Final payment…

Q: Jamie invested a certain amount of money in JDJ Savings Bank with a 2.5% interest rate. He received…

A:

Q: Walter is investing $5,000in an account paying 6.75 percent annually for three years. What is the…

A: Principal invested, P = $ 5,000Interest rate, R = 6.75%Time, T = 3 yearsAs a first step, we will…

Q: Rachel can earn 3% interest in her savings account. Her daughter Dani is 11 years old today. Suppose…

A: Amount Deposited Now =$ 4000 Amount Deposited on next year = $ 500+ $ 500 =$ 1000 Continuous depost…

Q: Leo makes one deposit today into his savings account earning an interest rate of 4% p.a. compounded…

A: Future value is the compounded value of a sum of money at a given interest rate for a specified…

Q: Ronald Gonzales, who recently sold his Bicycle, placed P10,000 in a savings account paying annual…

A: Future Sum is the accumulated value of given amount with interest over each period. In given case,…

Q: Tariq bought a commercial property valued at $71 000 for $26 000.00 down and a mortgage amortized…

A: Interest rate can be converted as follows,  Annually compounding rate = 6% Annual factor = 1+6% =…

Q: Find the simple interest earned on a deposit of $5,750 that is left on deposit for 3.5 years and…

A: Simple interest is the interest paid to the lender on the amount borrowed. It is calculated by…

Q: À mother earned $17500.00 from royalties on her cookbook. She set aside 20% of this for a down…

A: MONEY EARNED FROM ROYALTY=$17500 20% = DOWNPAYMENT OF HOME TOTAL MONEY INVESTED IN CD AND BOND =…

Q: 1. Your brother borrowed from your neighbor P7,000 to buy a new mobile phone. The neighbor charged…

A: Investment is regarded as a deposit of money in something with an intention of making a profit from…

Q: The Caseys recently bought a new condo by taking out a $118,000 mortgage that charges 8.5%…

A: FV = Remaining Balance PV = Loan Amount = $118000 r = 8.25% / 12 = 0.0825/12 = 0.006875 n = 6 x 12 =…

Q: Kerry invests $234 in a savings account that earns 2.1% compounded annually. Andy invests $234 in a…

A: Formulas: Future value = Present value *(1+rate)^years

Q: (d) Candice Houston has a $ 24,900 debt that she wishes to repay 6 years from today; she has $…

A: Investment Amount $13,847 Furture Value $24,900     FV = P(1+r/n)^ntWhere FV =Future ValueP =…

Q: ack and Carlie each deposit $17,250 into accounts that earn 6% interest for 6.5 years. Jack's…

A: Interest is received on the deposit made for a time period. It involves the concept of the time…

Q: Abigail invested $77,000 in an account paying an interest rate of 8\tfrac{3}{8}883​% compounded…

A: The time value of money has two techniques. The compounding and the present value method. The…

Q: my Jolly deposited $2 000 in a savings account.  The annual rate is 10 per cent   compounded…

A: The future value of money includes the money deposited and interest accumulated over the period of…

Q: Hannah deposits OMR 500 in an account earning 5% compounded half yearly. What will be the interest…

A: The answer is option (b.) [OMR 109.20] Refer step 2 for explanation

Q: To start a new business, Eric invests $765.13 each month in an ordinary annuity paying 12% interest…

A: Computation:

Q: Edna deposits $2,000 in her bank account which is earning 2% in interest per year.  How much will…

A: Final Amount = Principal Amount ( 1 + Rate of Interest )time period

Q: Derek currently has $13,602.00 in an account that pays 5.00%. He will withdraw $5,708.0O every other…

A: The characteristics of withdrawal vary depending on the drug being stopped. Anxiety, fatigue,…

Q: Mark and John started investing at the same time. Mark makes payments of $20 at the end of each week…

A: Future value refers to the value of the investment at a future date. This includes the principal…

Q: Helene invests R5918 in a savings account that pays interest at 6% pa compounded monthly. Exactly 5…

A: Invested amount (X) = R 5918 r = 6% monthly compounded = 0.5% per month for n = 5 years (60 months)…

Q: A mother wants to invests 9,000.00 for her sons future education she invests a portion of the money…

A: Solution:- Interest is the return amount on money invested.

Q: Compute the annual interest, total interest and the amount to be received or paid at the end of the…

A: Simple interest is computed by multiplying principal with rate of interest and no. of years. SI = A…

Q: Ana loaned a certain amount from XYZ Bank. She agrees to pay P5000 at the beginning of each quarter…

A: Quarterly payment (P) = P 5000 Period = 6 Years Number of quarterly payments (N) = 6*4 = 24 Annual…

Q: John borrowed P4500 cash from his friend. His friend's condition is that he must pay his debt in 2…

A: Periodic payment can be calculated using the future value of annuity. First we need to calculate the…

Q: Heidi deposits $8,000 in a savings account that earns 4.5% interest, compounded quarterly. How much…

A: Amount she will have is future value of deposit

Q: John bought a car with cash value of P15,294 on the installment plan under the following terms:…

A: Annuity:  An annuity is the series of payments which is received or paid for a certain period of…

Q: Leslie Mosallam, who recently sold her Porsche, placed $10,000 in a savings account paying annual…

A: future value: value of the present cashflow at future date.

Q: Karen White deposited $3,800 today in an account paying 6 percent interest annually. (If you solve…

A: Simple interest rate and compounding interest rate are the different types of interest rates. Simple…

Q: A time deposit account in the bank yield 5.5%compound interest annually. Jennifer invested P450, 000…

A: The future value is the amount that will be received at the end of a certain period. In simple…

Q: A borrows the amount of $10,000 from his friend B. B will charge interest rate of 4.5% which…

A: Loan is contract between lender & borrower where lender provide funds to borrower for definite…

Q: Ed wants to have $10, 000 in 5 years. He opens a savings account in a bank which pays 7.2% interest…

A: Amount Required after 5 years = $10,000 Interest rate = 7.2% Interest Rate Monthly (r) = 7.2%/12 =…

Q: Mick plans to start saving money for retirement. By taking 10% of monthly gross income. Mick is able…

A: We can use the concept of time value of money here. As per the concept of time value of money the…

Q: additional deposits or withdrawals for the accounts. Which statement is true concerning Sebastian’s…

A: the correct option is (c)

Q: Ali invested 5000 Rials in a saving account that paid quarterly interest. After 6 years the money…

A: answer : let us first not down the information given in the question initial investment = 5000…

Q: Kylie has a mortgage of $563,000 through her bank for property purchased. The loan is repaid by end…

A: Preparing loan amortized table

Q: Jovaira deposits ₱10,000 every 3 months in a time deposit account giving 7% interest rate compounded…

A: Quarterly deposit (P) = P 10,000 Annual interest rate = 7% Quarterly interest rate (r) = 7%/4 =…

Q: Elizabeth Brown has $23,000 that she can deposit into a savings account for five years. Bank A…

A: Here, we need to calculate the future value of the amount deposited today at a given interest rate…

Q: Erica borrowed money from Charles an amount of 58,744 and promise to pay at the end of second and…

A:

Q: How much would Dave have in his account at the end of 20 years if he deposits $2,000 into the…

A: future value with continous compounding: FV=PV×ertwhere,r=interest ratet=time

Q: Julian won the lottery. He deposits some of his winnings into an account earning 2.75% interest…

A: Interest rate = 2.75%  Deposits = $25,000  Time period = 5 years  Quarterely payments = $1,000…

Q: Jose has a 15-year mortgage of $250,000 from his bank. The mortgage calls for equal monthly…

A: A mortgage loan is generally taken to purchase or maintain real estate. The borrower pays the lender…

Q: 1. Renalda has purchased a condominium and received a mortgage loan in the amount of $50,000 for 25…

A: Given: Loan amount = $50,000 Years = 25 Monthly loan payment = $510.55 Interest rate = 11.9%

Q: Since the birth of his granddaughter, 15 years ago, Michael has deposited $150 at the beginning of…

A: Formulas:

Q: Luke earned P4200 in interest from his simple interest account over the last 3 years. The account…

A: Simple interest (I) = P4200 Period (t) = 3 Years Interest rate (r) = 1.75%

Q: Juliana opened a savings account with $467. The savings account compounds the interest annually and…

A: Time Value of money :— According to this concept,  Value of money today is greater than value of…

Q: Assume that you deposit RM700 in a savings account that pays 5% per year over 6 years.  Your savings…

A: Financial institutions pay deposit account holders interest on their deposits. Deposit accounts are…