Irene needs money to buy a new laptop since the deadline for her finals exam is approaching. On December 5, 2021, Her mother is planning to borrow ₱50,000 from Aling Sunrise. She promised to pay Aling Sunrise and 10% simple interest on April 2022. How much will Aling Sunrise receive on the said date

Irene needs money to buy a new laptop since the deadline for her finals exam is approaching. On December 5, 2021, Her mother is planning to borrow ₱50,000 from Aling Sunrise. She promised to pay Aling Sunrise and 10% simple interest on April 2022. How much will Aling Sunrise receive on the said date

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 13MCQ: Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified...

See similar textbooks

Similar questions

Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2019? $0 $1,250 $2,125 $2,500 Some other amount
Sandy's parents would like to have an annuity pay her $600 at the beginning of every month from September 1, 2012, to April 1, 2017, to help with her university tuition and living expenses. On May 1, 2017, they would like to give her a graduation gift of $6,000. If the annuity can earn 6.15% compounded monthly, how much money must be in the account on September 1, 2012?
A metallurgical engineer decides to set aside money for his newborn daughter's college education. He estimates that her needs will be $20,000 on her 17th, 18th, 19th, and 20th birthdays. If he plans to make uniform deposits starting 3 years from now and continue through year 16, what should be the size of each deposit, if the account earns interest at a rate of 8% per year?
On january 1, 2010, you put 1000.00 in a savings account that pays 6(1)/(4)% interest, and you will do this every year for the next 18 years. Withdraw the balance on December 31 , 2028 , to pay for your child's college education. How much will you withdraw?
Una Day is planning to retire in 11 years, at which time she hopes to have accumulated enough money to receive an annuity of $21,000 a year for 16 years of retirement. During her pre-retirement period she expects to earn 12 percent annually, while during retirement she expects to earn 14 percent annually on her money. What annual contributions to this retirement fund are required for Una to achieve her objective and sleep well at night? (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Annual contribution $
• Starting next year, Moussa Al Khatib will need $10,000 annually for 4 years to complete his education. • This means that one year from today he will withdraw the first $10,000. • Moussa’s father deposits an amount today in a bank paying 5% annual interest, which will provide the needed $10,000 payments. a. How large must the deposit be? b. How much will be in Moussa’s account immediately after he makes the first withdrawal?
Benny decides to start saving money. So, every month he deposits $200 into an account which pays 4% monthly. If Bennys first deposit is on May 1, 2021, then how much is in the account immediately after his deposit on November 1, 2027?
Marilyn wishes to retire at age 65 with $2,000,000 in the bank. At the age 21, she decides to begin depositing money into an account with an APR of 11%. What is the monthly payment Marilyn must make in order to make this happen?
A couple is saving for their newborn daughter’s college education. She will need $25,000 per year for a four-year college program, which she will start when she is 18. What uniform deposits starting 2 years from now and continuing through year 17 are needed, if the account earns interest at 4%?
Madison is planning to save for his newborn daughter’s college tuition, to be paid in 18 years. The amount he wishes to have by that time is $70,000. He plans to deposit $2,300 in a bank account every year for 18 years, starting next year. Suppose the account pays 2% interest on deposits, compounded annually. How much would he need to deposit right now, to make up the remaining amount necessary by the end of 18 years? a. $13,378.03 b. $14,529.48 c. $15,841.33 d. $17,003.96 e. $18,458.72.
Maya borrowed 15, 000 pesos last June 10, 2020, from a lending institution which offered 12% simple interest and she promised to pay on October 10 of the same year. What is the exact time?
Mrs. Kim has decided to set aside some money for chip and his two brothers’ college education. She plans to deposit equal amounts, D, in the bank, every year starting year 2010 up to year 2018. The interest rate at the bank is 18% compounded quarterly. Mrs. Potts foresees that she will start withdrawing her money at the end of the year 2021 and will continue to withdraw annually until the end of year 2028. She plants to withdraw ₱250,000 at the end of 2021 but because of some economic factors she believes that the amount of withdrawal should increase by ₱60,000 every year thereafter. What is the effective interest per year? (Place your answer in percentage format and round off to the nearest 2 decimal places) What is the present value at year 2009? (Round off to the nearest 2 decimal places) How much should Mrs. Kim deposit every year from 2010 to 2018? (Round off to the nearest 2 decimal places) If Mrs. Kim decides to withdraw her money as a single lump sum amount at the end of…