Stephanie purchased an annuity that will provide her with payments of $1,500 every month for 4 years, with the first withdrawal to be made in 3 years and 1 month, and the interest rate is 4.25% compounded semi-annually for the whole time. How much did she pay for it? Round to the nearest cent

Q: Find the present value of an annuity of $5000 paid at the end of each 6-month period for 2 years if…

A: Solution

Q: If $82,000 is invested in an annuity that earns 5.9%, compounded quarterly, what payments will it…

A: Here, the present value is $82,000 The periodic rate of interest r=5.94%=1.475% quarterly n = number…

Q: A man buys a car for $34,000. If the interest rate on the loan is 12%, compounded monthly, 45) and…

A:

Q: Tom and Sandy have set up a sinking fund in order to have $15,000.00 in 44 years for their child's…

A: According to question given :Tom and sandy have set up a sinking fund in order to have $15,000.00in…

Q: If $84,000 is invested in an annuity that earns 5.3%, compounded quarterly, what payments will it…

A: The formula for compound interest is A = P (1+r/n)nt   Where A is the final amount, P = principal…

Q: Keith sets up an ordinary annuity with a 7.2% interest rate compounded monthly. If Keith plans to…

A: Here we will find out Keith's accumulated amount after 16 years.

Q: A $19,000 loan is to be amortized for 10 years with quarterly payments of $606.51. If the interest…

A: Given informationPrincipal loan amount (p) = $19,000Time (t) = 10 yearInterest rate(r) = 5%Quarterly…

Q: American General offers a 12 year annuity with a guaranteed rate of 6.47% compounded annually. How…

A: solution

Q: Jane agrees to buy a car for a down payment of $2000 and payments of $220 per month for 3 years. If…

A: Given:

Q: Find the future value of an ordinary annuity of $2,000 paid quarterly for 6 years, if the interest…

A: An ordinary annuity of $2,000 paid quarterly for 6 years, if the interest rate is 6%, compounded…

Q: A man buys a car for $20,000. If the interest rate on his loan is 12% compounded monthly, and if he…

A: NOTE: Refresh your page if you can't see any equations. . here we have PMT=500 t=36 months…

Q: A debt of $6000 is to be amortized with 8 equal semiannual payments. If the interest rate is 12%,…

A:

Q: Kyla wants to have an annuity payment of $600, at the end of each six months. Use the appropriate…

A: To solve the following problem

Q: The price of a new car is $16,000. Assume an individual makes a down payment of 25% toward the…

A: Given that price of new car = $ 16000 After 25% down payment, amount of car remaining, P = $ 16000 -…

Q: Find the future value of an ordinary annuity of $2,000 paid quarterly for 3 years, if the interest…

A: Given:

Q: Sam has a balance of $1985 on his credit card. If the interest rate is 14.5% compounded monthly and…

A:

Q: After putting down 20% of $110,000 on a house and paying an interest rate of 3.5% compounded…

A:

Q: Cameron set up a fund that would pay his family $4,000 at the beginning of every month, in…

A: We have to find the size of investment.

Q: Find the lump sum deposited today that will yield the same total amount as payments of $14,000 at…

A:

Q: With a present value of $140,000, what is the size of the withdrawals that can be made at the end of…

A: To find - With a present value of $140,000 what is the size of the withdrawals that can be made at…

Q: Find the present value of an ordinary annuity with payments of $5440 quarterly for 5 years at 9.2%…

A: We want to find the present value of an ordinary annuity with payments of $5440 quarterly for 5…

Q: If $88,000 is invested in an annuity that earns 5.6%, compounded quarterly, what payments will it…

A: Given: Present value P =88,000 The interest rate (r) per quarter is 0.0564=0.014 The number of the…

Q: Amy won a lottery that would pay her $42,000 in 2 years and $10,200 in 5 years. The lottery company…

A:

Q: Devin set up a fund that would pay his family $3,500 at the beginning of every month, in perpetuity.…

A:

Q: The winner of a "million dollar" lottery is to receive $50,000 plus $50,000 at the end of each year…

A:

Q: Jessica had a loan of $142,000 and made payments of $4,000 at the end of every month to settle it.…

A: In this question, we will use the compound interest formula.

Q: If $89,000 is invested in an annuity that earns 5.9%, compounded quarterly, what payments will it…

A: Given:-       If $89,000 is invested in an annuity that earns 5.9%, compounded quarterly, what…

Q: If you take out a 5-year loan for $10,000 at 3% interest compounded monthly, what is the size of…

A:

Q: Steven Nolte owes his parents $47,000 for his college education. Find the required monthly payment…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: If $87,000 is invested in an annuity that earns 5.1%, compounded quarterly, what payments will it…

A:

Q: After paying his down payment, Leo takes out a $320,000 mortgage at 3.6% compounded monthly for 30…

A:

Q: Mustafa purchases an annuity due paying 8% quarterly. If his payment is $4511, how much will its…

A:

Q: The winner of a "million dollar" lottery is to receive $30,000 plus $30,000 at the end of each year…

A:

Q: If you want to be paid from a 10 year ordinary annuity with a guaranteed rate of 7.01% compounded…

A: We have ,  Given  t = 10 years and r = 7.01% compounded annually Received amount  A = $2000 We know…

Q: Meg's pension plan is an annuity with a guaranteed return of 7.5% per year compounded quarterly. She…

A: First we calculate present value using formula of present value then obtained present value will…

Q: A man is disabled in an accident and wants to receive an insurance payment that will provide him…

A: Use the formula for the present value is given below A=P1−1+rn−ntrn...….(1) Here, P=$2500 Rate of…

Q: What single payment today would replace a payment of $2,100 in 2 years and a payment of $5,000 in 6…

A:

Q: A collector mae a $10,000 down payment for a classic car and agreed to make 18 additional quarterly…

A:

Q: You would like to have $52,000 in 5 years for the down payment on a new house following college…

A: According to the given information:P = 52,000t = 5r = 4.25%=0.0425n = 4 (since, interest is…

Q: If you borrowed $10,000 for 9 months at 12% annual simple interest, how much must you repay at the…

A:

Q: Suppose you make a down payment of 20% of $27,600 and finance the rest at 1.5% compounded monthly…

A: Let  L, c and n denote the loan amount, the rate of interest per payment and the number of payments.…

Q: what is the unpaid balance immediately after the sixth payment?

A: Periodic payment (EMI) = $434.55 Interest rate per period, r = (6%)/4 = 1.5% Interest =…

Q: Use Table 12-2 to find how much should be deposited now at 6% interest, compounded monthly, to yield…

A:

Q: The winner of a "million dollar" lottery is to receive $70,000 plus $70,000 at the end of each year…

A: Use formula of compound interest to calculate future value

Q: Susan wants to purchase a new couch and loveseat for $1895.00 including taxes. If she puts it on a…

A: Given: Susan wants to purchase a new couch and loveseat for $1895 including taxes. She puts it on a…

Q: As part of his retirement planning, Mr. Jones purchases an annuity that pays 6.5% compounded…

A: Compound interest Formula is A = P(1+r/100)(n) where,  A = the future value of the investment P =…