You have $4,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: Monthly payment is a fixed periodic payment which is made by a borrower to the lender.

Q: You have $4,500 on a credit card that charges a 15% interest rate. If you want to pay off the card…

A: Installment is the amount of periodic payment a borrower has to make to its lender in order to pay…

Q: You have $2,500 on a credit card that charges a 19% interest rate. If you want to pay off the credit…

A: The loan is the amount borrowed for the certain period of time. It costs the investor or the…

Q: How much would you need to deposit in an account each month in order to have $50,000 in the account…

A: Given: Future value = $50,000 Time =8 years Monthly period = 8*12 = 96 Interest = 4.5% So, monthly…

Q: You purchase a new laptop for $1200 and put it on your credit card, which charges 14.99% interest.…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: How much would you have to deposit at the end of the year in an account that pays an interest rate…

A: Monthly Deposit: It is the deposit made by the person over the period to accumulate a sum of money.…

Q: You have credit card debt of $1,000 at 20% APR compounded monthly. If you charge no more purchases…

A: Borrowings are the liability of the borrower which is used to finance the requirement of the funds.…

Q: . Suppose you have a bank account into which you make $100 deposits each month. You find a bank…

A: Periodic Payment = $100 Future Value = $2,000 Time Period = 15 Months

Q: Today, you borrowed $3,200 on a credit card that charges an interest rate of 12.9 percent,…

A: We use NPER function to calculate monthly payments (in financial calculator and excel)

Q: You have $5,000 on a credit card that charges 19% interest rate. If you want to pay off the credit…

A: Given; Principal= $5,000 Interest =19% annually or 1.58% monthly Time = 5 Years or 60 months (5*12)…

Q: If you deposit $5,000 in a bank account that pays 6% interest annually, how much will be in your…

A: We need to use the concept of time value of money to solve the question. According to the concept of…

Q: You plan to deposit $4,000 today, $2,000 in one year and $4,000 in two years into an account earning…

A: Here, Deposit Amount  today (D0) is $4,000 Deposit Amount in One Year (D1) is $2,000 Deposit Amount…

Q: Suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit card is…

A: Present Value = Annuity * PVAF (Periodic rate, Number of Periods )

Q: You plan to make five deposits of $1,000 each, one every 6 months, with the first paymentbeing made…

A:

Q: You can afford monthly deposits of $100 into an account that pays 5.3% compounded monthly. How long…

A: Compounded Interest:           It is the method for computing interest at the initial amount of…

Q: If you have a $15,000 car note with a $450.00 monthly payment, payable over 36 months, what interest…

A: In the given question we need to compute the interest rate from following details: Car note value =…

Q: If the bank is paying 8% interest compounded quarterly, how much must you deposit today in your…

A: The formula to calculate the present value of future cash inflow is C/(1+r)n, where C is the cash…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: An effective annual rate (EAR) is the actual rate of interest to be paid annually after taking…

Q: If you have a $19,500 car note with a $380.00 monthly payment, payable over 60 months, what interest…

A: In the above question we need to compute the interest rate from following details: Value of card…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: formula to be used = Future value=PMT(1+r/n)n*t-1)/r/n   PMT= Monthly payment R= interest rate N=…

Q: You make a one-time $3,088 deposit into an account which pays 2.8% compounded weekly. If you don't…

A: using excel fv function

Q: You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A: Using excel PMT function

Q: Suppose you currently have $4,800 in your savings​ account, and your bank pays interest at a rate of…

A: Present value is the sum of money that must be invested to achieve a specific future goal. Future…

Q: You have credit card debt of $25,000 that has an APR​ (monthly compounding) of 17%. Each month you…

A: The computation of the additional borrowing as follows:

Q: you wish to have $60,000 in 8 years how much do you need to deposit in the bank today if the account…

A: Formula: Present value = Future value / ( 1 + r )N R = Rate of interest  N = Time period.

Q: You have $4,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: Using excel PMT function

Q: how much money must you put in a savings account today?

A: PV is the money value in today’s terms which is to be received at some future date whereas FV is the…

Q: how much do you need to deposit now in a bank paying 6% interest compounded monthly if you want to…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: You currently have a balance of $8,000 and you pay an interest rate of 12% per year on the card.…

A: Credit card  A tiny plastic card that may be used to purchase products or services without the need…

Q: magine you have a credit card balance of $1,000 that you would like to pay off within one year. The…

A: The credits cards are settled on the monthly payments and are paid by monthly payments and these…

Q: If you have ATM fees each month of $8 for 4 years, what is the total cost of those banking fees?

A: A cost system is a system that is designed to evaluate the cost incurred by the company.

Q: Jason has a credit card with an APR of 29.5% and a current balance of $13,150.35. He wants to pay it…

A: APR = 29.5% Monthly interest rate (r) = 29.5%/12 = 2.45833333333333% Current balance (PV) = $…

Q: You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…

A: Credit Card Amount = $5,000 Interest rate = 23%  Time duration = 4 years

Q: Use PMT =- to determine the regular payment amount, rounded to the nearest dollar. Your credit card…

A: Here, Balance of Credit Card (P) is $4,500 Interest Rate (r) is 10.5% Compounding Period (n) is…

Q: You have $4,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit…

A: The question gives the following information:

Q: If you deposit $7,000 in a bank account that pays 9% interest annually, how much will be in your…

A: Future value is the expected value of annual deposit to be made at specified interest rate. Given:…

Q: You have $3,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A: PMT= Present Value of annuity/{1-[1/(1+r)^n]/r} Where r =rate of interest per period i.e. 14%/12=…

Q: your credit card has a balance of $4,500 and an annual interest rate of 16%. you decide to pay off…

A: The monthly deposit is calculated by dividing the loan balance with the PVIFA at 1.33% and 36…

Q: How much must you deposit in the bank today if you want to have $1,500 after 4 years?  Interest rate…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…

Q: If you deposit $7,000 in a bank account that pays 9% interest annually, how much will be in your…

A:

Q: You have a $22,000 credit card balance with an APR of 16.9%, compounded monthly, and you can afford…

A: PV 22000       RATE 17%       COMPOUNDING PER YEAR 12       PMT 400       TIME PMT PRINCIPAL…

Q: If you want to have $60,000 in 8 years, how much do you need to deposit in the bank today if the…

A: Here. Required Amount in 8 Years  (FV) is$60,000 Interest Rate (r) is 9% Time Period is 8 years

Q: Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate…

A: Mortgage/ Borrowings:  Borrowings are the loan which is taken by the individual to meet its…

Q: How much is your monthly payment? use monthly compunding formula

A: Answer:

Q: You have $4 000 on a credit card that charges a 18% interest rate.If you want to pay off the credit…

A: The current value of a credit card is $ 4,000 that the entity needs to pay with 18% interest. So,…

Q: Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate…

A: A Credit card is a short-term bank loan, on which the borrower is supposed to pay interest on the…

Q: You have $2,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit…

A: Credit card amount due (PV) = $2000 Annual interest rate = 17% Monthly interest rate = 17%/12 =…

Q: You have $2,000 on a credit card that charges 18% interest rate if you want to pay off the credit…

A: The amount of loan = $2,000 Interest rate = 18% Time period = 4 years