Reba Mc Entire wishes to invest $19, 000 on July 1, 2011, and have it accumulate to $49, 000 by July 1, 2021. Determine at what exact annual rate of interest Reba must invest the $19, 000.
Q: with the age of 25, Anthony establishes an Individual Retirement Account (IRA). If he invests…
A: The account value at age of 55 can be calculated with the help of future value of annuity.
Q: Jenny has a monthly salary of $5,000 and an additional monthly allowance of $1,000. In Year 2020,…
A: In this we have to find out monthly mortgage payments and from that we can get the MSR and TDSR.
Q: Willie deposits a fixed monthly amount into an annuity account for his child’s college fund. He…
A: Here, to calculate the monthly contribution we have to use the formula of future value of annuity.…
Q: On January 1, 2019, Alex deposited $2,000 into a savings account that pays interest of 10 percent,…
A: Deposit amount (P) = $2,000 Interest rate (r) = 10% Period (t) = 3 Years
Q: Aira is planning to deposit RM10,000 today in Investment account that pays interest of 8% per annum.…
A: Amount of money in the account at the end of year 10 is the future value of the amount at the end of…
Q: On May 1, 2020, Hazel borrowed a sum of money from Far East Bank , payable for 2 years at 8% simple…
A: The amount of Simple interest is obtained by multiplying the rate of interest and the time period in…
Q: parents on thế first mon was able to pay P7,000 in 2023. He told his parents he used the money to…
A: In this we have to future values and than find out the present values to get the required amount.
Q: At the beginning of the year, Megan had a Net Worth of $78,000. As of January 2021, she set aside…
A: The question is related to Net Worth as on December 31st 2021. Net Worth = Total Assets -…
Q: A person agreed with a bank to deposit an amount of 500 dinars at the end of each year starting from…
A: The compound value of money can be depicted as the amount of interest generated on interest earned…
Q: James deposits a fixed quarterly amount into an annuity account for his child's college fund. He…
A: Given: Future value is $60,000 Years = 17 APR = 3.7%
Q: On January 4,2016, Minggun, borrowed P24,000 and promised to pay the principal and the interest at…
A: The given problem can be solved using FV function in excel. FV function computes outstanding loan…
Q: Sean decided to put the note to market for sale. Finally, Tom purchased it on June 30, 2021. Find…
A: No Coupon Bond Face Value = 5000 Monthly Compounding Interest Rate = 4.8%/12 = 0.40% Time Period =…
Q: Jessica purchased a home on January 1, 2021, for $750,000 by making a down payment of $300,000 and…
A: Here to understand the details of maximum deduction allowance which are made in the itemized…
Q: John Rider wants to accumulate $40,000 to be used for his daughter’s college education. He would…
A: Present Value Factor(PVF)=11+rateterm Future Value Annuity(FVA)=(1+rate)term-1rate Future Value…
Q: Ms. R. would like to buy a mobile home. For this purpose, she takes out a loan on 01.01.2021 Amount…
A: "Hi there, thanks for posting the questions. But as per our Q&A guidelines, we must answer the…
Q: Heather owes Mark $10.000 payable on September 2021. If money can earn 12 %, what amount should Mark…
A: Accrued Interest- Accrued interest refers to the interest that has not been paid however has already…
Q: .If the rate of interest per year is 5%,what is the amount of installment that the company should…
A: Annuity Payments: It is a series of payments compounded or discounted at a particular rate of…
Q: A friend of yours borrowed an amount of Php 70,000. Based on your conversation, She intends to pay…
A: Loan Amount = Php 70,000 Interest rate = 24% Time Period = 1 Year
Q: Aika wishes to set aside a total of P60,000 as savings for the year 2022. She plans to deposit her…
A: A. On Deposit of P30,000 made on June 1, 2022, interest will accrue for 7 months and On Deposit of…
Q: At the end of 2016, Susan had saved 65 000 € for her retirement. She plans to withdraw at the end of…
A: In order to calculate the periodic payment of an annuity, we are required to use the PMT function of…
Q: Rudiyanto is 35 years old (in 2020) and has an annual income of IDR 400,000,000 a year. If Rudiyanto…
A: Annuity refers to series of equalized payments which are paid or received at start or ending of…
Q: mber sold her personal property in 2019, with details as follows: Cost…
A: Here it is important to know that Mortgage assumed by the buyer means, buyer is taking over the…
Q: ngr. Singson wants to get married on June 8, 2023. According to his estimates, he will need…
A: In this we need to calculate amount required for wedding using future value concept.
Q: On 1 January 2018, Alyssa invested P1,000,000 to BDO’s 5 year, tax free time deposit. The long term…
A: Here discuss about the details of the final tax withhold for the interest income which are generated…
Q: Yoko invested s4000 in a fund for 2 years and was paid simple interest. The total interest that she…
A: Investment (P) = $4000 Period (T) = 2 Years Interest amount (I) = $400
Q: On the day the child is born, Allyson wishes to determine what lump sum would have to be paid into…
A: Here, Interest Rate (Rate) is 6% Withdrawal Amount (PMT) is Php 30,000 Time Period of Withdrawals…
Q: Devine purchased an annuity of N$1 500 per month from an insurer on 31 May 2019. The cash…
A: Answer: As per rules if taxpayer invested in annuity after tax income then amount received of…
Q: eposit $220 at the beginning of each of the 15 years, using interest at 7% per year, how much he…
A: Given information :
Q: Samuel David wants to make 5 equal annual withdrawals of $8,000 from a fund that will earn interest…
A:
Q: Kenneth is expected to receive an inheritance of about $250,000 from his grandmother's estate in a…
A: A borrower pays to the lender the interest and original sum borrowed in the form of regular…
Q: On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on…
A: There are two types of simple interest: the ordinary and the exact. These two phrases employ the…
Q: To expand his business, Happy took a loan of $1million from a bank on 1 January 2020 which he will…
A: Here, Loan Amount is $1,000,000 Interest Rate charged is as follows: 5% per annum effective for…
Q: Anne wants to accumulate $25,000 by December 31, 2019. To accumulate that sum, she will make twelve…
A: Future value of annuity formula: FVA=A×1+rmn×m-1rmwhere,r = rate of interestm = fequency of…
Q: Jessica purchased a home on January 1, 2018 for $650,000 by making a down payment of $260,000 and…
A: The internal revenue service is a U.S. government agency responsible for the collection of taxes and…
Q: To expand his business, Happy took a loan of $1million from a bank on 1 January 2020 which he will…
A: Here, Loan Amount is $1,000,000 Interest Rate charged is as follows: 5% per annum effective for…
Q: A person deposits an amount of 500 dinars on the tenth day of each month of the year 2020, and if…
A: Annuity means finite no. of payments which are same in size and made in equal time intervals. Person…
Q: On her recent birthday on April 18, 2019, Lyn was given by her mother a certain amount of money as…
A: The concept of the time value of money states that the money inherently has the interest-earning…
Q: Antoni is about to graduate and he wants to buy a new electric bike he borrowed php 2,5000 from a…
A: Interest is an additional amount which is charged on borrowed amount for the period. It is a…
Q: how much money will Janet have on April1, 2051?
A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…
Q: How much should chuck invest semiannually in his ira to have $250,000 in it when he retires in 25…
A: Semi-annual compound interest is the interest which is added to the principal amount twice in a…
Q: Joey has 750,000 in bank account as of December 31,2018. If he deposited P40,000 in the account at…
A: Interest is the amount paid to the bank against loan taken. It is determined by multiplying the…
Q: Determine the present value of P6,800 paid at the end of each subsequent calendar quarter for 7…
A:
Q: Charles wants to retire in 18 years. At that time he wants to be able to withdraw $22,000 at the end…
A: The present value would be considered as the one under which all those values which are going to…
Q: Janet borrows $4,000 on October 20, 2020. If the simple interest rate is 12%, then how much needs to…
A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…
Q: Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual…
A: Computation:
Q: Mr. De Castro wishes to have P1,400,000.00 when he retires 15 years from now. If he can expect to…
A: Note: Since the same question is typed twice, so we will solve it once for you. The Future value of…
Q: Dillion Savage decides to make semiannual $5000 deposits into an account that pays 5% compounded…
A: The future value of annuity due would be providing the value for the purpose of regular installments…
Q: Allison is 31years old and plans to retire at age 65 with $920,000 in her retirement account. What…
A: The amount required to deposit today can be calculated with the help of present value function.
Q: To expand his business, Happy took a loan of $1million from a bank on 1 January 2020 which he will…
A: Here, Loan Amount is $1,000,000 Interest Rate charged is as follows: 5% per annum effective for…
Step by step
Solved in 2 steps
- On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020. What is the Ordinary simple interest using exact time?Devine purchased an annuity of N$1 500 per month from an insurer on 31 May 2019. The cash consideration paid by Devine was N$420 000 and the total expected returns of all the annuities as per the contract amounts to N$560 000. She received the first monthly cheque of N$1 500 on 30 June 2019. Required: Calculate the exempted capital element of the annuity received by Devine for the 2020 year of assessment. Answer:On 12 May 2019, Alaa invested his money in Certificate of Deposit (CD) of Bank TTC, this CD has 5000 $ of face value and 6 percent interest.This CD will mature on 10 December 2019. Calculate the effective rate on his investment in this CD. ( assume 1 year are 365 days)
- John Rider wants to accumulate $90,000 to be used for his daughter's college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1. PV of $1. EVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Answer each of the following independent questions. Required: 1. If John were to deposit a single amount, how much would he have to invest on December 31, 2021? 2. IH John were to make five equal deposits on each December 31, beginning a year later, on December 31, 2022, what is the required amount of each deposit? 3. If John were to make five equal deposits on each December 31, beginning now, on December 31, 2021, what is the required amount of each deposit? (For all requirements, Round your final answers to nearest whole dollar amount.) 1. Amount Annuity amount Annuity amount 2.John Rider wants to accumulate $40,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Answer each of the following independent questions. Required: If John were to deposit a single amount, how much would he have to invest on December 31, 2021? If John were to make five equal deposits on each December 31, beginning a year later, on December 31, 2022, what is the required amount of each deposit? If John were to make five equal deposits on each December 31, beginning now, on December 31, 2021, what is the required amount of each deposit?John Rider wants to accumulate $100,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Answer each of the following independent questions. Required:1. If John were to deposit a single amount, how much would he have to invest on December 31, 2021?2. If John were to make five equal deposits on each December 31, beginning a year later, on December 31, 2022, what is the required amount of each deposit?3. If John were to make five equal deposits on each December 31, beginning now, on December 31, 2021, what is the required amount of each deposit?
- John Rider wants to accumulate $100,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually.Required:Answer each of the following independent questions.1. If John were to deposit a single amount, how much would he have to invest on December 31, 2021?2. If John were to make five equal deposits on each December 31, beginning on December 31, 2022, what is the required amount of each deposit?3. If John were to make five equal deposits on each December 31, beginning on December 31, 2021, what is the required amount of each deposit?John Rider wants to accumulate $100,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2021. Assume that the funds will accumulate in a certificate of deposit paying 8% interest compounded annually. Required: Answer each of the following independent questions. 1. If John were to deposit a single amount, how much would he have to invest on December 31, 2016? 2. If John were to make five equal deposits on each December 31, beginning on December 31, 2017, what is the required amount of each deposit? 3. If John were to make five equal deposits on each December 31, beginning on December 31, 2016, what is the required amount of each deposit?Kavish loans $15,000 to his business partner on June 1st, 2020. The terms of the loan state that interest of 5% compounded annually will be paid when the loan matures on May 31st, 2022. What is the amount of interest income that Kavish must report in each year from 2020 2022? Show your calculations.
- On October 31, 2019, Strongman Samson borrowed P100,000.00 from Pretty Delilah subject to an interest rate of 6% per year until full payment. If Samson is able to pay both the principal and the interest on March 10, 2020, how much should Samson prepare in order to satisfy his agreement with Delilah?On May 1, 2020, Hazel borrowed a sum of money from Far East Bank , payable for 2 years at 8% simple interest. She paid P6,000 for the interest of her loan. Find how much was borrowed by Hazel.Ms. R. would like to buy a mobile home. For this purpose, she takes out a loan on 01.01.2021 Amount of 80,000 euros. An annual interest rate of 4.5% is set in the loan agreement. a) Ms. R. agrees with the bank that the debt plus interest will be in nine equal amounts to be repaid at the end of each year. The first payment is to be made on December 31, 2022. 1. How much is the annuity to be paid at the end of each year from December 31, 2022?2. Enter the repayment schedule line for the 7th year after the debt was taken on.3. Ms. R. considers instead of the annuities, rather advance equal quarter payments in the years 2022, 2023, 2024 . . To achieve in 2030. How much is the quarterly payment? b) Ms. R. agrees with the bank that the debt plus interest will be paid annuities in each case To repay 15,000 euros at the end of a year. The first payment is scheduled for December 31, 2022 respectively. How many years does she have to pay full annuities?