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Kwaku Addo earns $4200 per month take-home pay and has the funds directly deposited in his checking account. He spends only about $3500 per month, and the excess funds have been building up in his account for about one year.
(a) What other types of accounts are available to Kwaku?
(b) How might he
(c) How might he use electronic money management to accomplish these tasks?
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- Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)Xia and John have joint accounts at Downtown Bank that is insured by the FDIC. They have $220,000 in their checking account, $350,000 in regular savings account, and $150,000 in an investment account. Unfortunately, Downtown Bank went bankrupt. How much would Xia and John recover from their accounts? Show work.
- John deposits $2,000 in the first year, $800 in the second year and $600 in the third year to WMW Bank with an interest rate of 12%. Sky deposits $3,800 in the third year to the same bank. At the end of the fifth year, Sky and John have the same amount of money in their accounts. What is the interest rate for Kuzey?June Xu is a registered nurse who earns $3,250 per month after taxes. She has been reviewing her savings strategies and current banking arrangements to determine if she should make any changes. June has a regular checking account that charges her a flat fee per month, writes an average of 18 checks a month, and carries an average balance of $795 (although it has fallen below $750 during 3 months of the past year). Her only other account is a money market deposit account with a balance of $4,250. She tries to make regular monthly deposits of $50–$100 into her money market account but has done so only about every other month. Of the many checking accounts June’s bank offers, here are the three that best suit her needs.• Regular checking, per-item plan: Service charge of $3 per month plus 35 cents per check.• Regular checking, flat-fee plan (the one June currently has): Monthly fee of $7 regardless of how many checks written. With either of these regular checking accounts, she can avoid…Lindsey sold stationery to her family and her mother’s friends. She deposited the $125 she earned in a savings account. The account earns 5.18% interest annually. If she does not deposit or withdraw any money for 18 months, how much will she have in her account?
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- Steve has maxed out his credit card and owes $22,000. The annual interest on his credit card is 18.25%. a. The minimum payment for some credit cards is 2% of what you owe. What is Steve’s minimum payment? b. Suppose Steve continues to pay the amount found in part a, how long until he has paid off her credit card dept? Assume he doesn’t charge anything else. c. What is the total amount he spent to cover the $22,000 debt? d. Suppose Steve decides to pay $750 per month, how long until he pays off the credit card? e. How much does she save by paying $750 a month? f. Suppose Steve is getting married in 25 months, what should he pay every month to clear hiscredit card debt by the time he is married?Cassidy has recently begun keeping her spending under control, but she still cannot fully pay off her credit card. She maintains an average monthly balance of about $1200, and her card charges a 21.6% annual interest rate, which it bills at a rate of 1.8% per month. How much is she spending on credit card interest per year?Ralph has two accounts with South Trust National Bank. Over the summer, he mows lawns and deposits his earnings weekly into his savings account. Ralph also eats out every day and uses the money in his checking account to pay for his meals. Besides these two transactions, he does not deposit or withdraw funds from either of these accounts.The amount in his savings account over time is represented in the table below. He spends$50 on food each week, and after three weeks, he has $1,600 in his checking account. Ralph Saving Account Weeks Total Amount 0 2 700 6 1100 12 1700 Part A How much money was in his saving account initially (at week zero)? Show how you determine your answer. Part B Create an equation to model Ralph’s savings account and create another equation to model Ralph’s checking account. After how many weeks will he have more money in his saving account?
