You have $2,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

Q: Tony Ring wants to attend Northeast College. If he deposits $34,507 today, how much will he have 4…

A: Given Principal amount = $34,507 Interest rate = 12% compounded semiannually Time = 4 years

Q: Find the balance on an account if you invest $ 1,758 at 3.4% for 22 years using simple interest.

A: Given:P The amount invested is $1758 at interest rate 3.4% for 22 years. To find : The balance in…

Q: As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more…

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Q: You decides to buy a car by making a deposit of 20% and R2500 every month for 3 years. If the…

A: periodic monthly car payment =R2500 calculating the loan amount of car using the PV of annuity…

Q: Marwan provides a donation of $4291 to a college with the provision that a scholarship is paid at…

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Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 2% interest…

A: Given: Amount deposited=$1000Rate of interestcompound=2% quaterly To Find: Amount after 10 years.

Q: If you were investing money in an account and the interest rate was the same either way, would you…

A: If the same amount of money is deposited and the same rate of interest is applied then: Simple…

Q: Jules deposits P15,000 every 3 months in a fund that earns 5% compounded quarterly. Assuming that…

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Q: If you deposit P5,500 in a bank at an annual simple interest rate of 0.5%, how much money will you…

A: Given  Principle(P) = 5500 Rate(R) = 0.5 Time(T) = 12   By the formula SI = PRT100 = 5500×0.5×12100…

Q: If you deposit $300 now in a savings account and increase your deposits by 10% each month, how much…

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Q: Alain Dupre wants to set up a scholarship fund for his school. The annual scholarship payment is to…

A: Given Amount=$2300 Rate of interest=3.3%

Q: Sam deposits $900 at the end of every 6 months in an account that pays 7%, compounded semiannually.…

A: Given data:   The given amount Sam deposits are P=$900. The semiannual interest rate is r=7%=0.07.…

Q: Springfield Florist plans to replace its delivery vehicle in three years. If they set aside $16,000…

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Q: f you borrow $2,400 for 4 years at an annual interest rate of 6%, how much will you pay altogether?

A: In this question, the concept of compounded interest is applied. Compounded Interest  Compound…

Q: Niagara Vineyards borrowed $75,000 to update their bottling equipment. They agreed to make payments…

A: Need to find how long company have to make payments

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

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Q: Penny makes deposits into two separate accounts for 2 years. Option A: $800; 6% annual simple…

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Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

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Q: Sam deposits $400 at the end of every 6 months in an account that pays 7%, compounded semiannually.…

A: ANSWER :

Q: You have $3,500 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

A: We have to calculate monthly amount.

Q: You take out a $12,000 car loan that has a 3.5% annual simple interest rate. How much money will be…

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Q: You deposit $4,000.00 each year into an account earning 2% interest compounded annually. How much…

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Q: A television set is for sale at P13, 499 in cash or in installment terms, P2,500 each month for the…

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Q: If you deposit P4000 into an account: paying 6% annual interest compounded quarterly, how much money…

A: Compound interest

Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. c. If you pay…

A: Given that, loan amount P=$175,000, monthly payment PMT= $975, Interest rate r=4.5% and frequency of…

Q: John deposits $2,000 into a CD that guarantees a 5.8% annual interest rate, compounded yearly. How…

A: Initial deposite= P= 2000 Final amount=A=? Time=t= 4 years  Interest rate = 5.8%=0.058  Number of…

Q: Francine currently has $70,000 in her 401k account at work, and plans to contribute $8,000 each year…

A: NOTE: Refresh your page if you can't see any equations. . here we have PMT=8000 t=10 years r=7%=0.07…

Q: Rob has 100,000. Invested into a fund that adds 5% per year.  How much will he have in 20 years…

A: Given: Initial amount=100,000 Increasing amount=5% of ininitial amount Time = 20 years

Q: As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 in an…

A: Given: Initial amount (P)= $10,000 Rate of interest (R)=7% Time period (t)=18   The formula for…

Q: Cameron is expected to settle a loan by paying $7,500. What amount should he pay if he decides to…

A: Here we find loan settlement amount.

Q: A recent college graduate borrows $150,000 at an interest rate of 6% to purchase a condominium. A

A: Given a recent college graduate borrows $150000 at an interest rate of 6% to purchase a condominium.…

Q: You have $2,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…

A: Given: Credit card amount due (PV) = $2000 Annual interest rate (r) = 23% Number of months (t) = 5…

Q: A man buys a motor vehicle for $50,000.  if the interest rate on the loan is 12% compounded monthly…

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Q: if $120 double in approximately 11 years, what is the interest rate

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Q: A bank offers a CD that pays a simple interest rate of 5%. How much must you put in this CD now in…

A: First, always look for what you are asked to find. Here it is how much you must put into a CD.…

Q: As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 in an…

A:

Q: Jimmy deposits $4000 at a bank with an interest rate of 4.5% per year and he has no plans of…

A: From the given information, the principal investment is P=$4000, interest rate r=0.045, and n=1 and…

Q: An investment fund pays 3.25% per year, compounded monthly, on all money invested. How much interest…

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Q: Inga Moffitt invests a bonus of $9000 at 6% annual interest compounded semiannually for4 years. How…

A: P=$9000,  r=6%=0.06,  t=4  &  n=2 Now total amount earned is,…

Q: Lynn Ally, owner of a local subway shop, loaned 62,000 to Pete hall to help him open a subway…

A: Given that Lynn Ally, owner of a local subway shop, loaned 62,000 to Pete hall to help him open a…

Q: John buys a stereo system for $640. He agrees to pay $32 a month for 2 years. Assuming that interest…

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Q: If you invested $300 now at 6.5% interest compounded monthly, how much money do you have available…

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Q: If you paid $54 to a loan company for the use of $1,040 for 42 days, what annual rate of interest…

A: We will use the Simple Interest Formula to calculate the annual rate of interest. Simple Interest…

Q: You have $3,000 on a credit card that charges a 13% interest rate. If you want to pay off the credit…

A: Given data Loan amount = $3000 Interest rate(r) = 13% = 0.13 Period = 5 years => t = 5 × 12 = 60…

Q: if you decide to invest $2500 at 5% annual interest rate every year, how much would you have in your…

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Q: As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more…

A: Formula used to solve the given problem is given below: An=P×1-1+r-nr Where; P= periodic payment…

Q: Joel is considering putting a $4800 laptop purchase on his credit card, which has an interest rate…

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Q: For their newborn child, parents deposit $10,000 in a college account that pays 8% interest,…

A: We will use the compound interest formula to find the amount after 17 years

Q: If you want to earn 15% annual simple interest on an investment, how much should you pay for a note…

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Q: As a new engineer, you wanted to earn and availed an investment insurance. Every month you are going…

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