You can afford monthly deposits of $160 into an account that pays 3.6% compounded monthly. How long will it be until you have $7,100 to buy a boat?Type the number of months:(Round to the next-higher month if not exact.)C

Name: You can afford monthly deposits of $160 into an account that pays 3.6
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: You can afford monthly deposits of $160 into an account that pays 3.6% compounded monthly. How long will it be until you have $7,100 to buy a boat?Type the number of months:(Round to the next-higher month if not exact.)C

Future value refers to the amount at some future date of the asset present today on the basis of…

Answered: Type the number of months:

Business

Finance

Type the number of months:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

See similar textbooks

Similar questions

You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
You can afford monthly deposits of $180 into an account that pays 3.6% compounded monthly. How long will it be until you $8,700 to buy a boat? Type the number of months:_____
You can afford monthly deposits of $130 into an account that pays 3.0% compounded monthly. How long will it be until you have $10,700 to buy a boat?
You can afford monthly deposit of $160 into an account that pays 4.8% compounded monthly. How long will it be until you have $12,000 to buy a boat?
You currently have $4,000 in a bank account that pays a nominal rate of 1%, compounded monthly. You plan to make additional monthly deposits of $200, starting at the end of this month. How many payments will you have made when your account balance reaches $50,000?
YOU ARE PREPARED TO MAKE MONTHLY PAYMENTS OF 250 BEGINNING AT THE END OF THE MONTH INTO AN ACCOUNT THAT PAYS 8% INTEREST COMPOUNDED MONTHLY. HOW MANY PAYMENTS WILL YOU HAVE MADE WHEN YOUR ACCOUNT BALANCE REACHES 50,0000