Give typing answer with explanation and conclusion Yourroommate let you borrow $161 to buy the PS5 4 months ago. You just paid him back today and gave him $39 extra for interest. What is the period rate? Convert to a percent, round to 2 decimal places
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Give typing answer with explanation and conclusion
Yourroommate let you borrow $161 to buy the PS5 4 months ago. You just paid him back today and gave him $39 extra for interest. What is the period rate? Convert to a percent, round to 2 decimal places
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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?Your roommate let you borrow $211 to buy the PS52 months ago. You just paid him back today and gave him $30 extra for interest. What is the effective annual rate? Convert to a percent, round to 2 decimal places You are late paying your cable bill again. It was due 10 days ago and you have been charged $32. Your bill was $197. What is the period rate? Convert to a percent and round to 2 decimal places. You are late paying your cable bill again. It was due 11 days ago and you have been charged $32. Your bill was $120. What is the Effective Annual Rate? Convert to a percent and round to 2 decimal places Your roommate let you borrow $114 to buy the PS5 3 months ago. You just paid him back today and gave him $30 extra for interest. What is the effective annual rate? Convert to a percent, round to 2 decimal places. Your roommate let you borrow $133 to buy the PS5 3 months ago. You just paid him back today and gave him $32 extra for interest. What is the period rate? Convert to a percent,…
- Suppose you deposit D dollars at the beginning of each month into an account that pays a monthly rate of r as a decimal. Then, the balance B of the account after t months is given by B = D(1 + r) (1 + r)t − 1 r dollars. Suppose you deposit $160 at the beginning of each month into an account that pays a monthly rate of r = 0.005, which corresponds to an APR of 6%. How long does it take for the account balance to build to $2600? Report your answer to the nearest whole month. monthsTo purchase an iMac Pro which is listed $6,299.00 online, Lisa is now depositing $300 to her saving account every 6 months after she has saved $5500. If the interest rate is 6% p.a. compounded semi-monthly, how soon can she purchase the iMac Pro? Step 1. Fill in blanks – the values: mpmt = __________ , j = __________, mi = __________, i = __________ PMT = __________, PV = __________, FV = __________ Step 2. Formula and Calculation:2. Say you purchase a computer for $1300 at 7% interest and want to have it paid off in 48 months. Use the simple interest formula. a) Calculate the monthly payment necessary to pay off the principal and the interest. b) Calculate the APR. Write out the formula first to show your work.
- Suppose you currently have $2,000 and plan to purchase a 3-year certificate ofdeposit (CD) that pays 4% interest compounded annually. How much will you havewhen the CD matures? How would your answer change if the interest rate were 5% or6% or 20%? ($2,249.73, $2,315.25, $2,382.03, $3,456.00. Hint: With a calculator,enter N 5 3, I/YR 5 4, PV 5 22000, and PMT 5 0; then press FV to get 2,249.73.Enter I /YR 5 5 to override the 4%, and press FV again to get the second answer.In general, you can change one input at a time to see how the output changes.)If you want to have $25,000 saved in 5 years and it earns an interest rate of 3.5% compounded monthly, what is the amount you need to save each month? Find the payment. Do not enter the negative sign from your calculator (if there is one) or the dollar sign. Round to two decimal places.Suppose you deposited $1,000 in a credit union account that pays 7% with dailycompounding and a 365-day year. What is the EFF%, and how much could youwithdraw after 7 months, assuming this is seven-twelfths of a year? [EFF% = (1 +0.07/365)365 - 1 = 0.07250098 = 7.250098%. Thus, your account would growfrom $1,000 to $1,000 (1.07250098)0.583333 = $1,041.67, and you could withdraw that amount.]
- In order to make a $6500 purchase in 14 years, you decide to invest some money in an account that pays 4.7% interest per year, compounded annually. How much should you invest now to have enough for your purchase? Round to 2 decimal places. Do NOT use the dollar sign in the answer box. You should invest $ Blank 1. Calculate the answer by read surrounding text.How much money (to the nearest dollar) will you need to deposit in an account now in order to have $35,000 in the account after 5 years if the account earns 1.2% interest compounded weekly? Summarize the information provided, stating the interest rate in a decimal form. PN = r = N = k = Solve the problem and give your answer here:Assume that you have a balance of $4200 on your Discover credit card and that you make no more charges. Assume that Discover charges 25% APR and that each month you make only the minimum payment of 2.2% of the balance. What will the balance be after 10 years? (Enter your answer rounded to the nearest cent.)
