Zeke bought a $2,250 shed on the installment plan. He made a $400 down payment, and he has to make monthly payments of $91 for the next two years. How much total interest will he pay?
Q: Anthony takes a loan of P10,000 to buy a used truck at the rate of 5% simple interest. Calculate the…
A: From the details given in the problem, Principle = P = P10,000 and R = 5% or 0.05 expressed as a…
Q: How long will it take for $5,000 to double when invested at 8% compounded quarterly?
A: Formula for compound interest is A = P(1=r/n)^(tn) Where n is the compounding frequency P is the…
Q: Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have…
A: Simple interest rate = (P*R*T)/ 100 where, P= principal amount R= interest rate T= time Here, P=…
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Q: How long will it take for a money to quadruple itself if invested at 12% simple interest rate.
A: The future value in the case of simple interest is calculated by the following formula. A = P ( 1 +…
Q: Nicholas made a deposit of $5,000 in a savings account that earns 2% per year. What is the maximum…
A: here we calculate the given by following method as follow;
Q: David is planning to contribute $8,000 a year into a mutual fund that earns an average of 8% per…
A: In economics, present value refers to the current value of future steam of cash flow. Future value…
Q: How many years will it take for an investment to be twice its value if it earns 8% compounded…
A: We use the rule of 72 here. No. of years needed to double any investment = 72/ interest rate
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A: Future value is the value of an asset present at a future date based on an expected growth rate…
Q: You borrow $15,000 from your credit union to purchase a used car. The interest rate on your loan is…
A: Monthly payment can be calculated as follows: Monthly…
Q: A mortgage of $175,000 is offered at 5.25% interest for 25 years a) find the monthly payment
A: Mortgage is the money borrowed to purchase a flat or a house. It a liability and the borrower must…
Q: Jack promises to pay $1000 at the end of 6 months in obtaining a loan from a banker B who charges 6%…
A: Annual interest rate can be calculated by using the following formula.
Q: You borrow $120,000 today to purchase a new truck. You sign a loan agreement for 4.8% annual…
A:
Q: How much money do you need to deposit in a bank each month if you are planning to have $5000 in four…
A:
Q: Bank A charges 12% compounded monthly on its business loan. Bank B charges 11.8% compounded daily.…
A: The best bank to borrow money can be selected based on the following method.
Q: hazel borrowed 100,000 and must repay a total of 130,000 exactly two years later. How much is the…
A: Using the formula to solve.
Q: You plan to purchase an $130,000 house using a 30-year mortgage obtained from your local bank. The…
A: A mortgage payment is typically made up of four components: principal, interest, taxes and…
Q: How many years will it take an investment to triple if the interest rate is 8%compounded?
A: The rule of 115 can be used to calculate the number of years that take an investment to triple.
Q: Mary Smith took out a loan of $75,000. The loan runs for five years at a minimum interest rate of…
A: here we calculate how much is each monthly payment to Mary Smith by following method given below
Q: borrowed $25,000 with an add-on rate, 6% for three years, and I have to make veekly payments. Jsing…
A: 8832 would be for 1 year If for one week $184 184*48=8832 For 3 years 8832*3=26496 $26496 is…
Q: A department store has offered you a credit card that charges interest at 1.53% per month,…
A: Nominal interest rate and the effective annual rate are calculated as follows:-
Q: 2. is/are repaid in monthly payments. O Bankruptcy Credit O Installment loans IOU's
A: An installment loan is normally a one-time loan that provides amount in a lump sum. Lender…
Q: You plan to deposit $300 each year into an IRA earning 4% interest annually. How much will you have…
A: In enginnering economic, all the given information is denoted with specfiic symbols such as: Yearly…
Q: You bought an antique car three years ago for $500 000. Today it is worth $650 000.(a) What annual…
A: Time (t =) 3 years; Principle (P) = $500,000 Worth after 3 youlf x= $ 150,000
Q: 49. The interest for an interest period is calculated on the principal plus total amount of interest…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: . If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal…
A: Here we calculate the following by using the given information and conclude the answer so the…
Q: You are borrowing $500,000 to buy a house. The interest rate is 4% compounded monthly. What is…
A: The per month payment is calculated by the following formula: PV=PMTi1-11+in where, PV= Amount of…
Q: Living in retirement 25 years Retirement age 65 Annual income $100,000 Interest Rate 6% Need 2…
A: Answer - Need to find- Present value Given in the question- Living in retirement 25 years…
Q: Find the interest on the loan if Tim borrows $10,000 for years at a simple interest of 10%.
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A:
Q: Jocelyn wants to buy a 72 inch flat screen TV to enjoy her birthday video highlights. It sells for…
A: Given: Selling price of TV = $2000Down payment = $1000Installment for the time period = 6 months
Q: Joseph buys a new home using an interest only loan where he pays only the interest on the value of…
A: The value of home (P) = $200000 Interest payment on home (r ) = 5% Time (t) = 1
Q: What is the Deferred Savings Plan?
A: A deferred savings plan is a plan which allows the taxpayer to pay money in the plan and then…
Q: Suppose you want to have $600,000 for retirement in 25 years. Your account earns 10% interest. How…
A: Given: Amount at retirement=$600,000Time=25 yearsRate of interest=0.10
Q: Mr. Mallari borrowed P200, 000. The terms of the loan are 10% interest for 10 years with uniform…
A: Borrowed = 200,000 interest rate = 10% time Period = 10 year
Q: . Irish is offered to invest in a business firm that will make her money earn 6% compounded
A: Bio monthly has two meaning one is twice in one month or happening every two months . Here i…
Q: 33. Series of equal payments occurring at equal periods of time. annuity profit amortization…
A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…
Q: Jesse wanted to double his money at 3% annual interest compounded monthly. How long will it take to…
A:
Q: Leo has $7 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent,…
A: Compound Interest formula= Final Amount−Initial amount Final amount formula:-…
Q: accounts. How much will Mr. Jones have in his savings account in thirteen years if $50,000 is put in…
A:
Q: You deposited a $1,000 in your account in a bank that gives a dailly interest of i where interest is…
A: Here we calculate the rate of interest by using the given information and choose the correct option…
Q: Future value) Leslie Mosallam, who recently sold her Porsche, placed $11,000 in a savings account…
A: here we calculate the future value at different year which are as follow-
Q: James deposited $150 at the beginning of each month for two years into his savings account. For the…
A: Future value (FV) can be calculated by using the following formula. Deposit made 24 months. Total…
Q: You save $1500 a year into a 401(k) account that you invest in a mutual fund earning 7% per year.…
A: Here, by analyzing the information, it can be said that: Annuity (A): $1500 Interest rate (i): 7%…
Q: A loan of P7000 is made for a period of 15 months at a simple interest rate of 15%. What future…
A: The two methods used to calculate the interest on loans are simple interest and compound interest.…
Q: How much money would you pay in interest if you borrowed $18,000 for one year at simple 20% per…
A: P = 18,000 r = 0.2 t = 1 Therefore, A = P(1 + rt) A = 18000 [1 + (0.2 x 1)] A = 18000 [1 + 0.2] A =…
Q: How long would it take an investment to triple if the interest rate is 6% compounded annually?
A: Answer Given in the question - Interest rate = 6% = 0.06 Need to find - Time for investment to…
Q: You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you…
A: Annual Payments refers to the (x) the total amount of payments anticipated to be paid or received,…
Q: How much should you put in a 10% savings account in order to have P20,000 in five years?
A: Given information: Future value (F)= P20,000 interest rate (r)= 10% time period (t)=5 years To…
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- Jocelyn wants to buy a 72 inch flat screen TV to enjoy her birthday video highlights. It sells for $2,000 cash . She will make a down payment of $1,000 and then six monthly payments of $200. What is the full installment price?Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?
- your realized income is $2,943.20/month. how much are your fixed expenses each month? how much could you save per month if you take off 25% of your discretionary monies and put it in a savings account?If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?One person bought a DVD player for $399.00. You paid a down payment of $99.00 and agreed to pay the balance plus an amount of $10.00 at the end of three months as interest. What annual simple interest rate would you be paying?
- Maria takes out a 30-year mortgage for $235,136 at an annual interest rate of 4.2%. How much does she still owe when there is 1 year left on the loan? Round your answer to the nearest dollar.Josie wants to be able to celebrate her graduation from CSULA in 55 years. She found an annuity that is paying 2%. Her goal is to have $4,500.00. Assume the interest rate remains the same while the account is open. Round all answers to the nearest penny. How much should be deposited each week?If you put your $100 into a saving account which earns 5% interest, how long does it take for your money to double?
- How much money do you need to deposit in a bank each month if you are planning to have $5000 in four years by the time you get out of college? The bank offers a 6.75% interest rate that compounds monthly.You borrow $500 from a family member and agree to pay it back in six months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after six months? How much is the interest?What is the Deferred Savings Plan?