Carrie took out a $12,000 personal loan to pay off her credit cards. She will not make a payment for 2 years and there is a interest of 5% rate. How much will be owned in 2 years with monthly compounding? Round your answer to the nearest cent.

Q: Find the balance on an account if you invest $ 1,758 at 3.4% for 22 years using simple interest.

A: Given:P The amount invested is $1758 at interest rate 3.4% for 22 years. To find : The balance in…

Q: A teenager receives $50 for his birthday, and his sister wants to borrow it from him for 15 weeks.…

A: The formula for simple interest is I= Prt Where I= Interest earned, P=Principal amount, r=rate of…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $385 per month…

A:

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

A: Given

Q: Pesse Jinkman, a chemistry student at PCC, will be depositing $15,000 at the end of every quarter…

A:

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

A:

Q: Six and a half years ago, Jenna invested $2,500 in a retirement fund that grew at a rate of 6.5% a…

A:

Q: in order to start a small business a student takes out a simple interest loan for $4000 for nine…

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: Parents wish to have $110,000 available for a child's education. If the child is now 9 years old,…

A:

Q: Kunio puts $3,300.00 into savings bonds that pay a simple interest rate of 2.5%. How much money will…

A: Simple interest algebra

Q: Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit…

A: total amount to be paid after 8 years = $135046.5623   explanation is given below

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

A:

Q: The Nelsons would like to take a cruise to Alaska in 5 years and will need $9,350. What amount…

A:

Q: Justin received an excellent interest rate for his loan of $7,000. Calculate the nominal interest…

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Q: Grandma Riley wants to help Scott while he's in college by giving him a $220 monthly allowance for 5…

A:

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

A:

Q: Clearlake optical has a $50000 note due in 3 years. The owners wish to create a sinking fund to pay…

A:

Q: Tomasz purchased a new heating and air-conditioning system for his home and financed $9,600 at an…

A:

Q: How much will he have in the account after 30 years?

A: Here use Future value formula

Q: Bill is saving for his son's college education. If the savings account earns 5% interest compounded…

A: First I have written the formula for future value when money is invested with compound interest.Just…

Q: Maura received $1000 from friends and family for college graduation. If she deposits her money into…

A:

Q: Barbara Katzman bought an income property for $32,000 four years ago. She has held the property for…

A: Below is the solution:-

Q: You take out a $12,000 car loan that has a 3.5% annual simple interest rate. How much money will be…

A:

Q: A television set is for sale at P13, 499 in cash or in installment terms, P2,500 each month for the…

A:

Q: Kanye wants to save $16,000 in 6 years by making monthly payments into an ordinary annuity for a…

A: Given Kanye wants to save $16,000 in 6 years by making monthly payments into an ordinary annuity…

Q: Springfield florist plans to replace it's delivery vehicle in three years . If they set aside $16000…

A:

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

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

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Q: Mr. Smith buys a television that is listed for $1500. He pays $500 down and pays the balance in 12…

A:

Q: A service car whose cash price was P540,000 was bought with a down payment of P162,000 and a monthly…

A: Consider the given information.

Q: The total amount paid on a 35 year loan was $98,000. If the interest rate was 4.1% and compounded…

A:

Q: If the accumulated amount in an account is $5,000 at the end of 3 years and the simple interest rate…

A: According to the given problem, we have

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: The rebate offer is $3100, and you can obtain a car loan at your local bank for the balance at 4.6…

A:

Q: Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit…

A: Olivia decides to buy the furniture on credit with 9.5% interest compounded quarterly. she spend…

Q: If you borrow 1500 dollars from a lending agent for 13 weeks and in the end you have to pay back…

A: Formula r = (1/t)(A/P - 1) r = simple interest rate = ? P = principal amount =1500 A = P+ I  = 1650…

Q: You borrow $710 from your brother and agree to pay back $770 in 3 months. What simple interest rate…

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: Ken is paying off a loan by making a $50 down payment and then $50 payments at the end of every…

A:

Q: To help pay for Arthur's estimated $33,000 in college expenses, Ryann and Austin make a deposit into…

A: Let, Ptincipal(P)= Semi-annual deposit (R)= x Given, Amount (A)=$ 33000 Rate of interest (i)= 8%…

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

A:

Q: Joel is considering putting a $4800 laptop purchase on his credit card, which has an interest rate…

A:

Q: In 2016 Donald Trump admitted he received a small loan of a million dollars from his father if he…

A: We can use this formula to compute the monthly payment,  Monthly payment = P×r(1+r)n1+rn-1 Where P…

Q: Mr. Samal deposits 5,000 php at the end of each month at a product with an interest rate of 8%…

A:

Q: Sally has a sum of $20000 that she invests at 11% compounded monthly. What equal monthly payments…

A: Solution

Q: How much will your principal be? At the end of 5 years, how much will you have to pay back? If you…

A: Here AS PER POLICY I SHOULD HAVE TO CALCULATE 3 SUBPART ONLY EVEN IF I HAVE CALCULATED 4 PLZ REPOST…

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: As a new engineer, you wanted to earn and availed an investment insurance. Every month you are going…

A: