If you make a late payment on a 0% interest credit card, you're responsible for paying the entire interest from the time you opened the card. True. False.
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Q: Write the formula developed for calculating compound interest?
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Q: Distinguish between Simple interest and Compound Interest?
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A: Given information, Interest rate: 30% Compounded period: 12 (monthly) To find: effective rate
Q: You plan to purchase an $130,000 house using a 30-year mortgage obtained from your local bank. The…
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Q: why is it critical for consumers to truly understand the effect of interest on their credit cards?
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A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
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Q: Differentiate between Simple interest and Compound interest?
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Q: What is the maturity date of a loan taken out on September 9, 1998 for 125 days?
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Q: Write the Summary of Compound-Interest Formulas?
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Q: 6. You have a balance of $1,500 on the credit card described in q5. You make the minimum payment…
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Q: Most credit cards operate on revolving credit. True or false? Explain how?
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Q: The owner of Sebastopol Tree Farm deposits $400 at the end of each quarter into an account paying 5%…
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Q: Explain with detail about interest rate deposit facility and lending facility
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Q: Which Interest rate is better to use the simple interest or compounded interest plan, explain your…
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Q: uppose you want to withdraw $1500 every 6month from an account that's pays 14% interest compounded…
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- ▼ Cash Flow Present Discounted Value Interest Rate is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $3000 is to be paid out a year from today with the interest rate equal to 3% is $enter your response here. (Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $3000 is to be paid then with a corresponding 1% interest rate, the present value of the loan is $enter your response here. (Round your response to the neareast two decimal place)▼ Cash Flow Present Discounted Value Interest Rate is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $3000 is to be paid out a year from today with the interest rate equal to 3% is $.(Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $3000 is to be paid then with a corresponding 1% interest rate, the present value of the loan is $.(Round your response to the neareast two decimal place)▼ Cash Flow Present Discounted Value Interest Rate is based on the notion that a dollar paid in the future is less valuable than a dollar paid today. Part 2 The present value of a loan in which $3000 is to be paid out a year from today with the interest rate equal to 3% is $.(Round your response to the neareast two decimal place) Part 3 If a loan is paid after two years, and the amount $3000 is to be paid then with a corresponding 1% interest rate, the present value of the loan is $.(Round your response to the neareast two decimal place)
- (1) If you are planning to withdraw $6000 per year for five year , with first withdrawal starts six year from now . The amount of the money that should be deposit now at an interest rate 10%will be closet to (A) 14.112 (B) 16.123 (C) 13.122 (D) 15.123Define the following: i) Simple interest. ii) Breakeven point. iii) Ordinary annuity. b) When the price of a commodity is Sh. 530 the unit demand is 55 units. The demand is 120 units when the price is Sh. 270. If the cost of production is C = 2q + 150, Calculate the profit when 5 units are produced and sold. c) The present value of an annuity due is Sh. 284,000 after 4 years at a discount rate of 10%. Calculate the annual payment. d) A man deposits Sh. 12,000 in a bank at the beginning of each year. The compound interest is 12% per year. Calculate how long it will take for an accumulated amount of Sh. 95,000.Amanda and Blake have found a house, which owing to a depressed real estate market costs only $201,500. They will put $22,000 down and finance the remainder with a 30-year mortgage loan at 3% interest (compounded monthly). (a) How much is their monthly loan payment? (b) How much interest will they pay in the second payment? (c) They will also have the following expenses: property taxes of $2100, homeowners’ insurance of $1625, and $290 mortgage insurance (in case one of them dies before the loan is repaid, a requirement of the bank). These annual amounts are paid in 12 installments and added to the loan payment. What is their full monthly cost? (d) If they can afford $1200 per month, can Amanda and Blake afford this house?
- 6. What lump sum of money must be deposited into a bank account at the present time so that $5,000 per year can be withdrawn for 12 years, with the first withdrawal scheduled for 6 years from today? The interest rate is 8% per year. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Hector puts $150 into an account when the interest rate is 4 percent. Later he checks his balance and finds he has about $168.73. How long did Hector wait to check his balance? A. 3 years B. 3.5 years C. 4 years D. 4.5 yearsKathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $643.17 $14.47 $31.45 $75.00 $614.09 May $ $ $287.33 $125.00 $
- Jack Rabbit has saved $10,000 annually for the last 35 years in an account eaming 8%. If Jack estimates that he will live for an additional 25 years, how much would he be able to start withdrawing annually for his retirement ( 8% interest)? The answer should be one of these $120,139 $177,567 $161,424 $145,28203.04-PR008 You deposit $10,000 in a fund that pays compound annual interest equal to 3%. One year later the interest rate changes to 4%, 2 years later the interest rate changes to 5%, and 3 years later the interest rate changes to 6%. How much will you have in the fund after 4 years if you withdrew $2,500 at the end of each of the previous 3 years?A house is to be purchased for $180,000 with a 10% down payment, thereby financing $162,000 with a home loan and mortgage. There are no “points” or other closing charges associated with the loan. A conventional 30-year loan is used at 7.5%, resulting in monthly payments of $1,132.73. The interest portion of the first monthly payment will be what? a. $1,012.50 b. $682.73 c. $120.23 d. The answer cannot be determined without more information.
