Kim borrowed $9,000 at 2 3/8% interest compounded daily. How much will she have to pay back after 60 months?
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A: topic- compound interest
Q: Kim borrowed $9,000 at 2 3/8% interest compounded daily. How much will she have to pay back…
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A: Austin invested $200 in an account paying an interest rate of 6.1% compounded quartely.
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A: The solution to the given question is explained below.
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Q: How long it would take to double an invesment if the rate of interest is 10% compounded quarterly?
A: Follow the procedure given below.
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Q: How long would it take to double your money in an account paying 8% compounded quarterly?
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Kim borrowed $9,000 at 2 3/8% interest compounded daily.
How much will she have to pay back after 60 months?
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- Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest, compounded monthly. How much money will he have saved after 5 years?Jamal wants to save 54,000 for a down paymenton a home. How much will he need to invest in anaccount with 8.2 APR, compounding daily, in orderto reach his goal in 5 years?Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed to invest in an account now with 7.5 APR,compounded daily, in order to reach her goal in 3 years?
- Drew wants to save 2,500 to go to the nextWorld Cup. To the nearest dollar, how much willhe need to invest in an account now with 6.25 APR, compounding daily, in order to reach his goalin 4 years?Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what would his monthly deposits need to be if he invests in an account offering a 4.2% annual interest rate that compounds monthly?