On April 13, Thomas Ash deposited $2,500 in a passbook savings account at 3.5% interest compounded daily. What is the compound amount (in $) of his account on August 5?
Q: 7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern…
A: Simple interest is concept where the interest is never capitalized to the original loan/investment…
Q: Jesse borrowed from a bank at 5.92% compounded semi-annually; he settled the loan by repaying $3,055…
A: Interest rate is 5.92% compounded semi-annually Amount repaid is $3,055 every 6 month Time period is…
Q: A local branch of Gamestop, Inc., deposited $12,500 in a savings account on July 3 and then…
A: Number of day from 3 July to 1 October = 28+ 31+30 = 90 Number of days from 5 August to 1 October =…
Q: Ms. Simms made deposits of $540 at the end of every three months into a savings account. For the…
A: A concept that implies the future worth of the money is lower than its current value due to several…
Q: Smith has a credit card that charges 13% annual interest on the monthly average dail his balance was…
A: We have to calculate balance for whole month and than calculate average daily balance and interest.
Q: Mike Co. borrowed $90,000 on July 1 of the current year by signing a 90-day, 6%, interest-bearing…
A: The financial transactions are initially recorded in the form of journal entry.
Q: A person deposited every 6 months ¢ 50,000.00 in an account that paid him 16% interest, convertible…
A: Semi-annual payment = ¢ 50,000.00 Interest rate = 16% Time Period = 20 Years
Q: On October 31, Sarah Willis borrowed $5,600 from the Vestal Central Bank. She gave the bank her…
A: The question is based on the concept of discounting notes. Notes are a debt financial arrangement…
Q: Bill deposits $100 into a bank account. His account is credited at a nominal discount rate of 4%…
A: Interest credited to the account of Bill and Cynthia at the end of the year will be $4 and $16…
Q: every six months, mahmood deposit $800 into an account paying 6% compounded semiannually. find the…
A: Present value (PV) = $800 Rate (r) = 6% or 0.06 Semiannually rate (r) = 0.0.3 (0.06/2) Time (n) = 30…
Q: A businessman deposited an amount of P6,000 in a savings account for 5months and 25 days at a rate…
A: Formula; Total Future Amount in savings= Principal Amount (1+r100) Given: Principal Amount,…
Q: Keith deposits 10,000 into a bank account at time 0. The bank credits interest at an annual nominal…
A: Given: Principal = 10,000 Interest rate annual = i% Semi-annual rate = i%/2 For simplicity let us…
Q: On August 10, a credit card account had a balance of $365. A purchase of $62 was made on August 15,…
A: In credit cards, we can say that finance charges include interest and transaction fees charged on…
Q: Martinez Sporting Goods borrows $4,500, at 5% interest, for 120 days. Use the exact interest method…
A: Interest amount is the fixed amount that the lender will charge for lending some amount for certain…
Q: Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate…
A: Discount note: Selling the note with discount value which means less than the face value.
Q: "Ten years ago, when Nigel was still a college student, he deposited 10,000 in a bank. The bank's…
A: Deposit amount (P) = 10,000 Period = 10 Years Quarterly period (n) = 10*4 = 40 Interest rate = 2%…
Q: Vincent deposited $1,650 in a savings account that earns 3.5%interest compounded daily for 90 days.…
A: Maturity value refers to the total value that will be paid to the investor or depositor at the end…
Q: - A person deposited $40,000 at a bank at an interest rate of 16% compounded quarterly. Find the…
A: Annual percentage yield- It is the actual real rate of return in the effective annual terms earned…
Q: 17. In January, Joanna deposited $250 into her savings account. In February, she deposited an…
A: Solution:- When an amount is invested somewhere, it earns interest.
Q: On May 1, Cleveland Livingston opened a savings account that paid 3.5% interest at Fulton Savings…
A: Saving account: A savings account is an interest-bearing deposit account with a bank or other…
Q: Joaquin deposits $400 at the end of each month into his bank account. The bank account pays 13.2%…
A: The difference between the future value and present value of money refers to the concept of the time…
Q: On April 1, 1998, John opened a savings account with a nominal interest rate of 3.4% payable monthly…
A: Quaterly deposit in investment fund is $400 Interest rate of quaterly fund is 4.6% payable quaterly…
Q: Can you please help me work out this problem in detail? Minnie Rose deposited $15,000 in Street…
A: The question is based on the concept of compound interest calculation with quarterly compounding…
Q: Will borrowed$1205 from his bank for 16 months using a 4.1%discount note. Determine how much…
A: The amount of money invested over a period of time with the assumption of investment growth at a…
Q: (a) Bill made deposits of $200 at the beginning of each month into a savings account for 12 years…
A: In compound interest, the interest earned is reinvested because of which we earn even more interest…
Q: Gabe opened an RRSP deposit account on December 1, 2008, with a deposit of $2000. He added $2000…
A: Computation:
Q: On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her…
A: Future value of an investment is the combined sum of the principal amount and interest amount.…
Q: On June 15, Julio borrowed $1,010.00 from Sheridan Credit Union at 6.7% per annum calculated on the…
A: Repayment Schedule: It is the tabular representation of loan payments occurring periodically showing…
Q: Randy opened an RRSP deposit account on December 1, 2008, with a deposit of $1800 He added $1800 on…
A: According to the time value rule, the money available in hand today is worth more than the amount…
Q: Determine the accumulated amount in the account just after the last deposit.
A: The first month deposit is 4500 the formula for monthly compounding is CI = P(1 + (r/12) )12t - P…
Q: Max Wholesaler borrowed $2,000 on a 10%, 120-day note. After 45 days, Max paid $700 on the note.…
A: A promissory note is a document containing a promise to pay the amount borrowed along with the…
Q: An individual makes five deposits that increase uniformly by Php. 300.00 every month in a saving…
A: Number of deposits = 5 Annual increase in deposits = Php 300.00 First deposit = Php. 4500.00…
Q: Ann deposits $500 at the end of each month into her bank savings account. The bank paid 8% nominal…
A: The future value of certain recurring payments at a specified certain intervals is the future sum at…
Q: Nabil's bank pays 5% interest compounded quarterly. The account balance started out at $4,526. What…
A: Here in this question, we are required to calculate balance in bank account after 2 quarters. In…
Q: Marcus has a balance of $2,600 on his credit card. The credit card has an annual interest rate of…
A: Credit card refers to a plastic card which allows a cardholder a credit line against which an…
Q: Lee Holmes deposited $16,100 in a new savings account at 8% interest compounded semiannually. At the…
A: Future Value is an estimation in finance based on the past data and current initial investment. It…
Q: Haatim opened an RRSP deposit account on December 1, 2008, with a deposit of $2500. He added $2500…
A: Time value of money-It is based on the concept that money earned today is worth more than similar…
Q: (a) On April 13, Thomas Ash deposited $2,400 in a passbook savings account at 3.5% interest…
A: Compound Amount = Principal ×1+Rate365Time period Part a: Principal = $2,400 Interest rate = 3.5%…
Q: 11. Paul Koski deposited $21,000 in a savings account on April 1 and then deposited an additional…
A: Introduction Future Value: The value of money or sum of money invested at compound interest, will…
Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note ,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On August 1, 20A Mr. Vincent Clarin, owner of Debonaire Salon borrowed money from Sofia Goden…
A: Formula: Maturity value = Principal amount + Interest amount
Q: Rita deposited $8,000 in a savings account that provides for interest at the rate of 16% compounded…
A: Compound Interest=(A)=P1+rnntWhere,P= the principal, amount investedA= the new balancet= the…
Q: 5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan…
A: A method of computing interest amounts in which the compounding effect was not considered by the…
Q: Lee Holmes deposited $15,300 in a new savings account at 8% interest compounded semiannually. At the…
A: Given Information: Amount deposited - $15,300 Rate of interest - 8% compounded semiannually Amount…
Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Crystal deposited $16,000 in a new savings account at 7% interest compounded semiannually. At the…
A: Future value is worth of an account at future date where amount gets added with interest with the…
Q: On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15,…
A: The average daily balance can be calculated by dividing the number of days from the sum amount owed…
Q: Oliver Lopez deposits $12,000 in a bank account that pays 7% annual interest. Calculate the balance…
A: Deposit amount = $ 12,000 Annual interest rate = 7% Period = 5 Years
Q: how much is Helen's deposit
A: Future value of a deposit is the net worth that a deposit will earn at a specified future date with…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- On May 1, Cleveland Livingston opened a savings account thatpaid 3.5% interest at Fulton Savings Bank with a deposit of $5,000.Ten days later, he deposited $2,000. Fourteen days later, he deposited$8,000. No other deposits or withdrawals were made. Six days later,the bank calculated the daily interest.a. How much simple interest did his money earn?On April 1, Hilda made a $3410 deposit to open a savings account paying 3.5 % compounded daily. She then deposited $170 on May 6 and $510 on May 29. Find the balance on June 30 and the interest earned through that date.7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern Savings and Loan Association. At the end of December the interest was computed at an annual rate of 6,%. How much simple interest did Michael's money earn? On April 1 you opened a savings account at Main Street Savings Bank with a Simple interest did your money earn? what waS VOur ew balange?
- 6. Jasper Brown deposited $743.20 in a savings account at the Suburban Trust Com- pany on May 1. At the end of July his interest was computed at an annual rate of 7%. How much simple interest did Jasper's money earn? 7 On April 1 Michael Reeves deposited a refund check for $240.85 in a savings Ccount mbenthe smple interest did Michael Sount at Main Street Savings Bank with a waran ann ual rate of 69% and addedoteFrank deposites $885 into a savings account earning 2.8% exact simple interest . How much interest was earned in 165 days?K On April 1, Hilda made a $2680 deposit to open a savings account paying 3% compounded daily. She then deposited $200 on May 2 and $630 on May 25. Find the balance on June 30 and the interes earned through that date. Click here to view the 3.5% compound interest table. Click here to view the 3.5% compound interest by quarters table View On June 30, what is the balance in the account? S (Round to the nearest cunt as needed.) - X 3.5% Interest Compounded Daily by Quarter Table 1 Interest by Quarter for 3 % Compounded Daily Assuming 90-day Quarters Number of Quarters. Value of (1+i) 1.008667067 1.017409251 1.026227205 1.035121505 3.5% Interest Compounded Daily Table Number R 1 2 3 4 5 6 7 8 9 10 11 12 13 Values of (1+1) for 3% Compounded Daily Valec of Value of 1.000095890 19 35 (1+1) It (1+i) A 1001823491 37 1.003554076 38 1003650307 56 1003746548 57 1000191790 20 1001919556 1.000287699 21 100201 5631 1.000383617 22 1.002111714 1003842797 1000479544 23 1002207807 41 1003939056 59…
- jeremy opened a CD (certificate of deposit) on April 3, 2018 with an interest rate of 4.65% compounded weekly. How much was initially deposited if Jeremy checks his account on December 5, 2018 and discovers the account balance is $3614? Round your answer to the nearest cent.Mr. VanJergen's credit card uses the average daily balance method for calculating interest. His balance for the first 12 days of October was $850.00. His balance for the rest of October was $2,495.00. What was his average daily balance?On may 1 Cleveland livingston opened a savings account that paid 3.5 percent exact interest at fulton savings bank with a deposit of 5,000. Ten days later he deposited 2,000. Fourteen days later he deposited 8,000. No other deposits or withdrawals were made. Six days later the bank calculated the daily interest.
- Joaquin deposits $400 at the end of each month into his bank account. The bank account pays 13.2% compounded monthly. After 96 deposits, Joaquin's account contains $67,575.29. After 288 deposits, Joaquin's account contains $812,817.07. How much interest did Joaquin receive between his 96th deposit and his 288th deposit? O a. $668,441.78 O b. $745,241.78 Oc. S697,617.07 O d. S738,841.78 O e. SS22,041.78 Save All Answers ubmit Click Save All Answers to save all ansuwers.Gabe opened an RRSP deposit account on December 1, 2008, with a deposit of $2000. He added $2000 on November 1, 2010, and $2000 on April 1, 2012. How much is in his account on August 1, 2016, if the deposit earns 8.3% p.a. compounded monthly?vince has just opened an 18-month certificate of deposit on which interest compounds daily. he deposited $4,635 and the effective rate of interest is 4.73%. how much total interest will he earn?.