You take out a $12,000 car loan that has a 3.5% annual simple interest rate. How many years will it take for the amount owed on the loan to reach $20,000?

Q: Jimmie has a job at an advertising agency earning $54,000 per year. Jimmie is currently 26 years old…

A:

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: Mr. Gordon plans to invest $200 at the end of each month in an account that pays 9%, compounded…

A:

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

A:

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

A: Here I am attaching image so that you understand each and every step.

Q: The annual interest rate on a credit card is 17.99%. If a payment of $200.00 is made each month, how…

A: How many months will it take to pay off an unpaid balance of $2,470.04. ?

Q: If you borrow $1,700 for 4 years at 5% annual simple interest, how much must you repay at the end of…

A: Given, If you borrow $1,700 for 4 years at 5% annual simple interest, how much must you repay at the…

Q: If a family borrows $12,033 for an addition to their home, and the loan is to be paid off in monthly…

A:

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: You deposit $2000 each year into an account earning 2% interest compounded annually. How much will…

A:

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

A:

Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

Q: If you borrow $29,000 at 8.4% annual simple interest for 11 years, how much must you repay at the…

A: use formula written below

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

A:

Q: Find the value of a $3,000 certificate in 2 years, if the interest rate is 10% compounded annually.

A:

Q: At age twenty six , Dick shoemaker desposited 2,000 into an IRA , where it earns 3% compounded…

A:

Q: Mr. Gordon plans to invest $600 at the end of each month in an account that pays 6%, compounded…

A:

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: At age 35 you start saving for retirement. If your investment plan pays an APR of 6% and you want to…

A:

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

A:

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: You put $8,000 into an account that earns 4% interest compounded annually. How much money will be in…

A: We have to apply the compound interest formula for the given problem.

Q: How much should you put in an investment paying a simple interest rate of​ 5% if you needed​ $4000…

A: Consider the provided question, Given, rate of interest = 5% time = 18 months = 1812 years Future…

Q: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound…

A:

Q: . Find the simple interest (I = Prt) of $10,000 invested for 6 years at an annual simple interest…

A: Definition: simple interest If an amount of money,  P , the principal, is invested for a period of…

Q: You deposit $1000 each year into an account earning 4% interest compounded annually. How much will…

A:

Q: If John wants to retire with $10,000 per month, how much principal is necessary to generate this…

A:

Q: Jessica would like to have $36,000 to buy a new car in 9 years. To accumulate 36,000 in 9 years, how…

A: We have to find that how much would Jessica need to invest monthly in a sinking fund with 6%…

Q: You deposit 1000 each year into an account earning 6% interest compounded annually. How much will…

A: This is the problem related to financial mathematics and we are advanced math expert and have option…

Q: A retiree invests $5,000 in a savings plan that pays 6% per year. What will the account balance be…

A:

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: Perry took out a payday loan for $1350 that charged a $55 fee. If the loan matures in 1 week, what…

A:

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: A loan was repaid over seven years by end-of-month payments of $450. If interest was 12% compounded…

A: By using the formulas of future value we solve the given problem as follows :

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: Mr. Gordon plans to invest $300 at the end of each month in an account that pays 6%, compounded…

A:

Q: You deposit $3000 each year into an account earning 2% interest compounded annually. How much will…

A: Topic - Compound Interest

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: A retiree invests $9,000 in a savings plan that pays 5% per year. What will the account balance be…

A:

Q: You deposit $1000 each year into an account earning 3% interest compounded annually. How much will…

A: Given, every year $1000 is deposited with 3% compound interest annually. here we shall use the…

Q: Kim borrowed $9,000 at  2  3/8% interest compounded daily.  How much will she have to pay back…

A:

Q: How many months would it take you to repay a $ 5225 loan by making payments of $ 57 at the end of…

A: The formula for computing the number of years required to pay off a loan when payment is made at the…

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: Find the annual simple interest rate of a loan, where $600 is borrowed and where $666 is repaid at…

A: Given data: Principle  = $600 Amount = $666 Time period = 15 months To find: Annual simple interest…

Q: Mike buys a ring for his fiancee by paying $30 a month for one year. If the interest rate is 10% per…

A: It is given that monthly payment is $30 for one year and the interest rate is 10% per year. To find…

Q: How much should you invest into an account with 3.2% interest compounded quarterly if you want to…

A: According to the question, we have the data set: Interest rate= 3.2 % = 0.032  n= 4 (amount is…

Q: Suppose a person borrowed $2000 and repaid the lender $2150 after 10 months. What simple interest…

A: Initial amount =$2000 Final amount = $2150 Intrest Paid = $150

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

A:

Q: You deposit $2000 each year into an account earning 7% interest compounded annually. How much will…

A: