Marek is collecting simple interest on a $1,000 CD with an annual rate of 2.40%. What was his monthly interest rate and how much total interest did Marek earn when his CD matured at 42 months?
Q: Marek is collecting simple interest on a $1,000 CD with an annual rate of 2.40%. What was his…
A: Principal = $ 1000 Annual interest rate = 2.40%
Q: Michael purchased a laptop in installment basis worth 25800 and he needs to pay 3200 per beginning…
A: Laptop price (P) = 25800 Quarterly payment (Q) = 3200 at the beginning r = 2% per annum = 0.5% per…
Q: Margo borrows $900, agreeing to pay it back with 4% annual interest after 14 months. How much…
A: The amount borrowed is recorded as principal amount and extra amount paid to pay off the loan at…
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A: Time period = 15 years Time duration semi-annual compounding Interest rate = 14% Semi-annual…
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A: Basic Details: Investment = $8400 Time = 8 Years and 10 Months Interest = 5% semi Annually
Q: Aidan deposits $1000 at the end of each quarter in an account that pays 5.25% per year, compounded…
A: Solution: An equal amount invested every period is called annuity. So, future value of annuity = PMT…
Q: David invests $300 into an account with a 2.3% interest rate that is compounded semiannually. How…
A: Time value of money (TVM) refers to the method or concept which is used to determine the amount of…
Q: A has been paying rent of $850 at the beginning of each month for the last 12 years. If he had…
A: Annuity refers to series of equalized payments that are paid or received at start or ending of…
Q: Harlan made equal payments at the end of each month into his RRSP.if interest in his account is 9.6%…
A: First of all concer everything in to semi annual formate than answer will be very easy FV= 17500 No.…
Q: Mr. Abdullah borrows $80,000 at 14 percent interest toward the purchase of a home. His mortgage is…
A: Given: Interest rate = 14% Loan = $80,000 Years = 25
Q: When Austin retires in 18 years, he wants to receive $250.00 payments at the start of every month…
A: Retirement Period = 18 years payment = $250 Interest rate = 2.6% (Compounded semi annually)
Q: At the age of 35 John began contributing 10,500 Php every month to a retirement fund. If his money…
A: Using excel nper function
Q: Ralph has just borrowed 1200 dollars to purchase a new stereo, at a nominal rate of interest of 12.2…
A: Here, Borrowed amount is $1,200 Interest rate is 12.2% Compounding period is Monthly i.e 12 Monthly…
Q: Ron has made deposits of $80.00 into his savings account at the end of every three months for 10…
A: The compound interest is when the interest earned in a period is reinvested thereby earning more…
Q: Lars has been approved for a $425,000, 20-year mortgage with an APR of 5.125%. a. What is his…
A: given, principal amount =$425,000 n=20 years r=5.125% m=12
Q: Claire has invested $11,000 in a 24-month CD that pays an annualized rate of 3.98%. How much…
A: The interest amount is the interest earned on the investment amount that is invested for the…
Q: Margo borrows $900, agreeing to pay it back with 5% annual interest after 10 months. How much…
A: Interest is the amount that an investor receives on the principle amount over certain period of…
Q: Being cautious with money, Cyril has contributed $1,700 at the start of every month into an RRSP,…
A: value of investment in 10 years from now can be calculated using following function in excel. FV…
Q: Darien invests $10,000 in an account that pays 3.2% interest per year, compounded semi-annually.…
A: The amount of money can be calculated as future value of the principal amount.
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A: The question gives the following information:
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A: Interest rate is the rate of interest earned/paid on an investment/loan. The interest will be paid…
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A: The concept of the time value of money states that the same amount of money is worth more today than…
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A: The value of the amount after two years which is to be computed at given interest rates is termed as…
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A: Time has been valuable in all aspects but in terms of finance, time has a money value. The worth of…
Q: Peter deposits $75 at the end of each quarter for 15 years into an account that pays 3.14%…
A: Given data; payment amount= $75 number of years = 15 annual rate = 3.14% compounding frequency = 4…
Q: Peter is saving $5,000 monthly deposit into an account that pays 7% compounded monthly. What would…
A: Monthly deposit (P) = $ 5000 Interest rate = 7% Monthly interest rate (r) = 7%/12 =…
Q: Harlan made equal payments at the end of each month into his RRSP. If interest in his account is…
A: Calculation of size of monthly payment: Answer: Size of monthly payment is $174.84
Q: Helen is buying a $12,375 car with a $3000 down payment, followed by 36 monthly payments of $325…
A: Given data; Price of car = $ 12,375 down payment = $ 3000 number of payments = 36 monthly payment =…
Q: Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If…
A: The promissory note refers to a debt instrument that is issued by a person who writes a note by…
Q: When Austin retires in 18 years, he wants to receive $250.00 payments at the start of every month…
A: given, till retirement: n = 18 years m = 2 r= 2.6% LET SEMI ANNUAL PAYMENT = A after retirement n =…
Q: Brian borrows $ 7500 from his friend at an annual 6% interest rate, which he will pay five years…
A: Future value is the value of the present cash flows after certain period. Due to interest that can…
Q: A man is planning to retire in 20 years. He wishes to deposit a regular amount every three months…
A: Annual payments he will receive = $95000 Time period = 18 years Interest rate = 8% Compounding =…
Q: At the end of every 3 months, Sam deposits $150 into an account that pays 6% compounded quarterly.…
A: Investors invest in particular securities with an expectation of receiving some gains in future. The…
Q: Juancho is required to pay P1,800 at the beginning of each quarter for the next 3 years for his…
A: Due to compounding the interest on the increase with increase in compounding. So effective rate is…
Q: When Michelle retires in 12 years, she wants to receive $250.00 payments at the start o every month…
A: An annuity is the equal amount of payment that has to be paid over the period.
Q: Gerein wishes to have P35,000 when he retires 15 years from now. If he can expect to receive 4%…
A: The future value of annuity due is the total future value of each cash flow which is made at the…
Q: If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest…
A: Given information: Payment made at each year amounted to $100 Number of years is 6, Interest rate is…
Q: Jerome deposited $5,000 into an 18-month CD that earns a simple interest rate of 2 1/4%. How much…
A:
Q: Lisa is depositing $1,600 in a six-month CD that pays 2.83% interest. How much interest will she…
A: A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a fixed…
Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…
A: Given information : Deposits 2500 Interest rate 5.50% Time period (years) 14 The given…
Q: Eleven months after borrowing money, Dorah pays an interest of ₱2,800. How much did she borrow if…
A: In order to find the principal amount one has to find the yearly interest rate and then principal.
Q: blake purchased an annuity that had an interest rate of 2.50% compounded semi- annually. it provided…
A: Solution- 2.50% interest rate semianually=2.52=1.25%=1.25100=1+r6-1=1+r=1.002072Monthly…
Q: Dana has made a down payment of $100,000 on a recent home purchase for $300,000. She was able to…
A: Using excel PMT function
Q: How much Alex must deposit annually if he wants to have $800,000 in 25 years by making equal annual…
A: Annual payments refers to the periodic payment which can be used for a variety of purposes like for…
Q: Mike has a credit card balance of $30,000. The annual interest rate is 17%. He is required to pay a…
A: Credit Balance $ 30,000.00 Annual Interest Rate 17% Minimum Payment 4% or $ 50.00…
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- Jerome deposited $5,000 into an 18-month CD that earns a simple interest rate of 2 1/4%. How much will his CD be worth at maturity?Four years ago, XZY deposited $2,920 in an account that has earned and will earn 8.70 percent per year in compound interest. If ABC deposits $3,540 in an account in 1 year from today that earns simple interest, then how much simple interest per year must ABC earn to have the same amount of money in 10 years from today as XZY will have in 10 years from today? Answer as an annual rate. 20.30% (plus or minus .05 percentage points) 10.00% (plus or minus .05 percentage points) 9.00% (plus or minus .05 percentage points) 18.36% (plus or minus .05 percentage points) None of the above is within .05 percentage points of the correct answer.Fred decides to invest $1000 into an account which earns a floating interest rate. For the first three years, Fred earns 4% annually. For the next five years, Fred earns 3% compounded quarterly. For the last two years, the account earns 2% simple interest. How much interest was earned at the end of the ten years?
- Claire has invested $11,000 in a 24-month CD that pays an annualized rate of 3.98%. How much interest will Claire receive at maturity? (Round to the nearest cent)Juan took out a $20,000 loan for 146 days and was charged simple interest.The total interest he paid on the loan was $488.As a percentage, what was the annual interest rate of Juan's loan?Assume that there are 365 days in a year, and do not round any intermediate computations.Sanvij has bought a house in Chilliwack for $20,000. He makes a 5% down payment and will be making quarterly payments of $388. 63 to Scotia Bank for 15 years. What nominal rate of interest compounded semiannually was applied to the purchase?
- Derek deposited $700 at the end of every month into an RRSP for 7 years. The interest rate earned was 3.75% compounded semi-annually for the first 5 years and changed to 4.00% compounded monthly for the next 2 years. What was the accumulated value of the RRSP at the end of 7 years? Round to the nearest centHanna invests $8400 for 8 years and 10 months. The account earns 5% semiannually. a) What is n for the compound interest part? b) What is the future value after the compound interest part? c) Simple interest is used for how many months? d) Assuming simple interest for the partial period, how much money does Hanna have in the account at the end of 8 years and 10 months?Zachary deposited $1,200 at the end of every month into an RRSP for 6 years. The interest rate earned was 3.50% compounded semi-annually for the first 4 years and changed to 3.75% compounded monthly for the next 2 years. What was the accumulated value of the RRSP at the end of 6 years? Round to the nearest cent
- . Eric deposited $1,400 at the end of every month into an RRSP for 8 years. The interest rate earned was 4.75% compounded semi-annually for the first 4 years and changed to 5.00% compounded monthly for the next 4 years. What was the accumulated value of the RRSP at the end of 8 years?Chris invested $2,000 in savings bonds. If the bonds earn 8.75% interest compounded semi-annually, how much total will Riley earn in 10 years? Monthly means how many times a year?Camille Noah is investing $5,000 in an account that pays an annually compounded rate of 6.75 percent for three years. What is the interest on interest if interest is compounded?
