Cameron is expected to settle a loan by paying $7,500. What amount should he pay if he decides to settle the loan six months earlier? The interest rate is 3.75% compounded monthly. Round to the nearest cent

Q: Parents wish to have $80,000 available for a child's education. If the child is now 5 years old, how…

A: The formula for the compound interest is given by, A=P1+rnnt where, A is the final amount, P is the…

Q: Jimmy paid off a mortgage by paying $725 per month for 16 years. What was the original amount of the…

A: Given

Q: A $19,000 loan is to be amortized for 10 years with quarterly payments of $606.51. If the interest…

A: Given informationPrincipal loan amount (p) = $19,000Time (t) = 10 yearInterest rate(r) = 5%Quarterly…

Q: A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the…

A: Given:

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $209 per month…

A:

Q: Brad has a government bond that will be worth $10,588.13 in seven years.  The bond has an interest…

A:

Q: Find the amount of ordinary annuity. (Interest is compounded annually.) R = $13,400, i = 0.045, n =…

A: Find the amount of ordinary annuity. (Interest is compounded annually.) R = $13,400, i = 0.045, n =…

Q: A P2000 loan was originally made at 8% simple interest for 6years. At the end of this period the…

A: Given that:                  Principal amount, P=P2000Simple interest rate, r=8%Time period, t=6…

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

A:

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest…

A:

Q: The price of a new car is $16,000. Assume an individual makes a down payment of 25% toward the…

A: Given that price of new car = $ 16000 After 25% down payment, amount of car remaining, P = $ 16000 -…

Q: James deposits a fixed monthly amount into an annuity account for his child's college fund. He…

A: Consider the provided question, James deposits a fixed monthly amount into an annuity account for…

Q: The present value of an annuity for ten years is $10000. find the quarterly payment or periodic…

A:

Q: Justin leased equipment worth $70,000 for 5 years. If the lease rate is 5.75% compounded quarterly,…

A: calculation of lease payment are as follows

Q: Ann and Tom want to establish a fund for their​ grandson's college education. What lump sum must…

A:

Q: What amount should be deposited today to buy for a P 216,000.00 house and lot in 6 years? The bank…

A: We need to find the amount that should be deposited today to buy for a P 216,000.00 house and lot in…

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

A:

Q: Cameron set up a fund that would pay his family $4,000 at the beginning of every month, in…

A: We have to find the size of investment.

Q: An individual purchased a 5-year, $10,000 promissory note with an interest rate of 3.5%/year…

A: Given: An individual purchased a 5 year, $10,000 promissory note with an interest rate of 3.5% per…

Q: Mckenna’s family bought a cottage and now have a mortgage in the amount of $78 000. They will repay…

A:

Q: A homeowner planning a kitchen remodeling can afford a $400 monthly payment. How much can the…

A:

Q: Find the present value of $30,000 due in 4 years at the interest rate of 5%/year compounded monthly?…

A: The future value of investment is A=$30,000 Number of periods is n=4×12=48 Periodic interest…

Q: If 49900 dollars is invested at an interest rate of 9 percent per year, find the value of the…

A: Formula for Compound Interest A=P1+rnnt where A= Accumulated amount P= Principal r= Rate of interest…

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: The winner of a "million dollar" lottery is to receive $50,000 plus $50,000 at the end of each year…

A:

Q: The owner of Oak Hill Squirrel Farm deposits $1,000 at the end of each quarter into an account…

A: The amount of the deposit is $1000. The rate of interest is 2.5% compounded quarterly. The time…

Q: Stephanie purchased an annuity that will provide her with payments of $1,500 every month for 4…

A: Given that Stephanie purchased an annuity that will provide her with payments of $1,500 every month…

Q: A college plans to set up an endowment fund that will provide a scholarship of $5,000 at the end of…

A:

Q: The owner of Oak Hill Squirrel Farm deposits $2,000 at the end of each quarter into an account…

A:

Q: An interest-bearing note for P75,000 requires payment at the end of each quarter for four years. If…

A:

Q: Find the simple interest on a $4,520 principal, deposited for 6 years at a rate of 2.25%. Round to…

A:

Q: What is the present value of an annuity that pays ? per month for 10 years, where ?= 2055 if money…

A:

Q: Mr. and Mrs. Maglalang decide to set aside ₱ 500,000 today and place it on a bank savings account…

A:

Q: The winner of a "million dollar" lottery is to receive $30,000 plus $30,000 at the end of each year…

A:

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest…

A:

Q: Francine currently has $45,000 in her 401k account at work, and plans to contribute $3,000 each year…

A: We need to find total amount accumulated.

Q: Casey received a loan of $27,000 from the bank at 4.50% compounded monthly. If he had to repay $250…

A:

Q: Meg's pension plan is an annuity with a guaranteed return of 7.5% per year compounded quarterly. She…

A: First we calculate present value using formula of present value then obtained present value will…

Q: A homeowner planning a kitchen remodeling can afford a $100 monthly payment. How much can the…

A:

Q: Jennifer's pension plan is an annuity with a guaranteed return of 5% per year (compounded monthly).…

A:

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

A: The compound interest formula is defined as follows. A=P1+rnnt   where, A is the final amount P is…

Q: Melissa agrees to contribute $500 to the alumni fund at the end of each year for the next 4 years.…

A:

Q: Jesse purchases a retirement annuity that will pay him $1,500 at the end of every six months for the…

A: 9years +3 years =12 years r=3.5%t=11n=4 Payment received =1500×2×9+600×12×3=27000+21,600=$48,600

Q: You deposit $1,500 in an account at the Lifelong Trust Savings and Loan that pays 6% per year…

A: We have PV=$1500         , Present Valuer    =6                , Rate of interestm  =4…

Q: While buying a new car, Derek made a down payment of $1,000.00 and agreed to make month-end payments…

A: (a) The given data is: APR=4%

Q: Suppose you make a down payment of 20% of $27,600 and finance the rest at 1.5% compounded monthly…

A: Let  L, c and n denote the loan amount, the rate of interest per payment and the number of payments.…

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 4% interest…

A:

Q: Meg's pension plan is an annuity with a guaranteed return of 7% per year (compounded quarterly). She…

A:

Q: June made an initial deposit of $7500 in an account for her son. Assuming an interest rate of 2%…

A: Given that t=time=17 yearsr=interest rate=2%=0.02A=annuity=?n=number of times compounded in a…