Balthier is 30 years old and is working as a local sky pirate. He is able to deposit $550 a month into a Pirate Bank 401-K which offers a 7.25% annual interest rate. He will retire after 25 years. How much will the 401-k be worth when he will retire?

Q: If you borrow $700 for 6 months at 2% annual simple interest, how much must you repay at the end of…

A: As we know that the formula of the simple interest is:   Simple interest =I=P×r×t   Where,…

Q: Jacob already knows that he will have $650,000 when he retires. If he sets up a payout annuity for…

A:

Q: In a 7 years, you want to have $3,120 worth of remodeling done to your house bathroom. How much…

A:

Q: Peter has P560,000 in his bank account in which he opened exactly 3 years ago. If he did not make…

A:

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

A:

Q: Simon starts a retirement account where he will place $50 into the account on the first month and…

A: Given-  Ist month deposit= $50  2nd month deposit= $55 ... .... and so on.

Q: You have $3,500 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

A:

Q: Melissa Blum deposits $7500 of lottery winnings in an account paying 6% interest compounded monthly.…

A: Effective rate for compound interest: If r is the annual stated rate if interest and m is the number…

Q: Nanette buys a $5000 20-year bond that has a coupon rate of 2.5%.If she keeps the bond to…

A: We have to find

Q: A math teacher won a lottery that pays $1,000 per month for the next 20 years. But, he prefers to…

A: To find out the amount that the teacher will accept now.

Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

Q: If you borrow $29,000 at 8.4% annual simple interest for 11 years, how much must you repay at the…

A: use formula written below

Q: If you deposit P5,500 in a bank at an annual simple interest rate of 0.5%, how much money will you…

A: Given  Principle(P) = 5500 Rate(R) = 0.5 Time(T) = 12   By the formula SI = PRT100 = 5500×0.5×12100…

Q: If you deposit $300 now in a savings account and increase your deposits by 10% each month, how much…

A:

Q: Michelle Payne deposited $12,000 in a savings account paying 6.25% simple interest. How long (in…

A: Let it will take t years to be a amount of $12,000 deposited in a accountunit 6.25%.Simple interest…

Q: If you would like to make $1079 in 5 years, how much would you have to deposit in an account that…

A: Given that $1079 has to be made in 5 years and the simple interest rate is 7%. It is required to…

Q: 3. Mocca Blanca invested P45, 000 for 2 years and 8 months and earn P12,450 interest. What was the…

A: Mocca Blanca invested P45, 000  for 2 years and 8 months and earn P12,450 interest . We have to find…

Q: Susie is paying $512.49 every month for her $150,000 mortgage. If this is a 30 year mortgage, how…

A: Given: Month payment=$512.49 Mortgage=$150,000

Q: If sue borrowed $6300 from the bank , she has already paid 2/7 of the loan, whats the remaining…

A:

Q: You owe $5,000 on your credit card, and you plan to pay it off through monthly payments of $100. If…

A: We use formulas: Simple Interest(SI) = (PRT)/100, where P = Principal Amount, R = Rate and T = Time…

Q: Springfield Florist plans to replace its delivery vehicle in three years. If they set aside $16,000…

A:

Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A:

Q: You have $3,500 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

A: We have to calculate monthly amount.

Q: You have $2,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit…

A:

Q: You have $3,500 on a credit card that charges a 16% interest rate. If you want to pay off the credit…

A: GivenCurrent balance(PV)=$3500Interest rate=16%Period(n)=3 years=36 MonthsNow use the…

Q: If you had the choice of 5% simple interest or 5% compound interest for a savings account, which one…

A:

Q: You took out a loan of $8,000 in 2015 at an interest of 6% simple interest. What is the total amount…

A: We have to solve the given question.

Q: Lori buys a $1,075 certificate of deposit (CD) that earns 3.2% interest that compounds monthly.  How…

A: Monthly interest rate and future value will be calculated using the formula,

Q: For her first birthday, Ruth's grandparents invested $800 in an 18 year certificate for her that…

A:

Q: Mustafa purchases an annuity due paying 6% quarterly. If his payment is $5901, how much will its…

A:

Q: You have $3,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit…

A: To find the amount need to pay per month

Q: A friend lends you $860, which you agree to repay with 2% simple interest. How much will you have to…

A: Other

Q: You have $2,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…

A: Given: Credit card amount due (PV) = $2000 Annual interest rate (r) = 23% Number of months (t) = 5…

Q: A bank offers a CD that pays a simple interest rate of 5%. How much must you put in this CD now in…

A: First, always look for what you are asked to find. Here it is how much you must put into a CD.…

Q: Find the simple interest owed if $680 is borrowed at 3.1% for 5 years.

A: The amount borrowed is $680. The rate of interest is 3.1%. The period for which the amount is…

Q: How much interest is owed on a 9-month, $5550 loan borrowed at 7.25% simple interest?

A: Given the Principal amount P= $5550 Rate of interest =7.25% =0.0725  Time, t=9 months = 912=0.75…

Q: You have $3,500 on a credit card that charges a 18% interest rate. If you want to pay off the credit…

A: Given- You have $3,500 on a credit card that charges a 18% interest rate. To find- If you want to…

Q: Sonia received a statement on her Certificate of Deposit showing that her investment had returned…

A:

Q: Jackie has a saving account that promises to increase her balance by 1.5% per year. If she deposits…

A:

Q: Golton took outa loan from the bank to purchase a car. If he borrowed $17,240 at a simple interest…

A: Principal amount is: P = $ 17,240 Interest rate is: r = 8.25 % Total time period of loan: t = 5 year

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: You have $3,000 on a credit card that charges a 13% interest rate. If you want to pay off the credit…

A: Given data Loan amount = $3000 Interest rate(r) = 13% = 0.13 Period = 5 years => t = 5 × 12 = 60…

Q: Melanie deposited $10,000 into an account at 5% compunded quarterly. Two years later, she deposits…

A: When the interest is compounded quarterly,  Amount = P1+R/41004n Where P is principal value , R is…

Q: "On his tax return this year, Steve reports $575 income from interest. Assuming an interest rate of…

A:

Q: On May 28, 2020, Amy purchased a Government of Canada T-bill that matures on August 4, 2020. How…

A: Future value is $10,000 Rate of interest 1.35%

Q: The simple interest on a $7,600 loan at 7% per year amounted to $4,788. When did the loan mature?

A: To Determine: The simple interset on a $7600 loan at 7% per year amounted to $4788. When did the…

Q: You have $2,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit…

A: Given: Credit card amount due (PV) = $2000 Annual interest rate (r) = 17% Number of months (t) = 5…

Q: You have $2,000 on a credit card that charges a 22% interest rate. If you want to pay off the credit…

A: Given:

Q: You have $5.000 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

A: Here we will calculate monthly payment to pay off the credit card in 5 years,

Q: For their newborn child, parents deposit $10,000 in a college account that pays 8% interest,…

A: We will use the compound interest formula to find the amount after 17 years