1. Assume you graduate with a student loan total of $28,000. You are going to pay off this loan with monthly payments for the next 8 years. The monthly interest rate is 0.25%. What is your monthly payment amount? (Answer is not 3,539.49)

Q: Use the amortization table below to find the monthly mortgage payment for a $196,000 loan at 6.25%…

A: Mortgage installments includes the principal and interest payment. It is usually a a fixed payment…

Q: QUESTION 2   a)                    Assume that you borrow $30,000 to purchase a new automobile and…

A: Given; Amount borrowed= $30000 Interest rate; r= 4% Time period; n= 4 years

Q: You will deposit 11.922 at 10% compound interest for 6 years, and then move the amount you would…

A: Let's divide this question into two continuous plans 1st plan with a 10% compound interest rate, 2nd…

Q: 2. A savings bank offered you 6% nominal interest compounded every 2 months You deposited $4,000. a)…

A: here we calculate the future value and the effective interest rate of the following , so by using…

Q: 5. Lerios has a loan business that charges 15% simple interest. Joey borrowed P4000 from Tony; how…

A: Given information, Principal amount (P): P4000 Time period (t): 60 days Interest rate (r): 15% To…

Q: Show the steps of your calculation O For example, question: a person deposits $500 to bank now, if…

A: The objective of this question is to calculate the future value of a deposit made today, given the…

Q: 1, $5,200 is invested each year at 4% compounded annually for 10 years. At the end of this time,…

A: Future value is a value of an investment or asset on a specific date in the future. To put it…

Q: 1 You deposit $17,000 in a retirement account on your 25th birthday, and you plan to retire on your…

A: Here we calculate the following by using the given information , and conclude the answer so the…

Q: You want $1,000,000 in the bank when you retire in 35 years. How much should you deposit each year?…

A: We want $1,000,000 in the bank at the time of retirement. Interest rate is 10% Here we have to…

Q: 1. Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year.

A: Simple interest is a straightforward method of calculating how much you owe on a loan. The concept…

Q: An investment company is going to place $300,000 into an annuity. Then, it is going to add $25,000 a…

A: An investment is the responsibility of money or capital to something with the expectation of profit…

Q: If you deposit $2,042 today in a savings account that pays 8% interest annually, how much would you…

A: Given: Principal (P) = $2042 Interest rate (R) = 8% annually Time (T) = 5 years

Q: You deposit $10,000 in a fund that pays compound annual interest equal to 3%. One year later the…

A: The nominal rate of interest which depicts the time value of money can be any declared interest…

Q: Question 1: If you borrowed 18000$ at 4% annual interest. You agreed to repay the loan with five…

A: Answer; 1)Total Interest: $2,216.44 2)Interest= $448.82Principal=$3,594.47 3)Balance after 3rd…

Q: homeowner planning a kitchen remodeling can afford a $700 monthly payment. How much can the…

A: Given,   R = $700  Time = 5 years  Rate (r) = 9%

Q: A bank sales a pledge of savings certificate of 500,000$ to pay 10 years later. to a 4% continuous…

A: The information which has been given to us is as follows:-   Future value is $500,000 n is given to…

Q: How much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3…

A: Compounding interest is a type of interest calculation where the interest earned on a principal…

Q: None

A: Step 1:a.We have i = 12%, n = 12$600 (P/A, 12%,12) = 600 * 6.1944 PV = $3,716.62  Step 2:b.here we…

Q: Find the future value and total interest of the annuity. ​(Round to the nearest cent as​ needed.)…

A: The measure that determines the value of the asset currently at a date in the future based on its…

Q: A grocery store sells for $181,500 and a 20% down payment is made. A 35-year mortgage at 6% is…

A: A grocery store sells for $181,500 and a 20% down payment is made. A 35-year mortgage at 6% is…

Q: Tom makes annual payments of $12,204.21 per year on a loan. The loan was set at $42,000 at an…

A: Tom makes annual payments of $12,204.21 per year.The initial loan amount is $42,000.The interest…

Q: You are saving for the down payment on a house, so you put $1,000 in an account every 6 months. If…

A: An interest rate is charged on the borrowing money of consumers. It is charged by the lender of the…

Q: If you borrow $12,000 at 20% interest rate for 5 years, what is your ordinary simple interest in…

A: Simple Interest refers to the money that is paid only on principal. Principal is the money that is…

Q: nterest rate... How much do you need to deposit in an account today in order to have $11,000 in…

A: Every commercial bank decides its Annual Percentage Rate (APR) range based on the interest rate set…

Q: Example: Imagine you deposit 2000 TL at a monthly compounding rate of 6% for the first 2 years, and…

A: The measure that depicts the value of an investment that is being made in present on a specific date…

Q: Compute for the effective interest rate per monthl Nominal rate= 2.35% compounded yearly

A: The effective annual interest rate refers to the return on an investment or the rate owed in…

Q: Suppose that under the Plan of Repayment one should pay off the debt in a number of equal…

A: Loan repayment refers to the process of paying back borrowed money, typically with interest, over a…

Q: 3. Find annual payment to extinguish a debt of P10,000 at interest rate of 12% compounded quarterly?…

A: Value of debt (P) = P10,000The rate of interest is 12% compounded quarterly. Required: The value of…

Q: The annual interest rate on a credit card is 13.99%. If the minimum payment of $10 is made each…

A: An intеrеst ratе is thе cost of borrowing monеy or thе rеturn on invеstmеnt еxprеssеd as a…

Q: What is the total cost of interest?

A: Total cost of interest = (monthly MorTgage Payment x Year x 12) -(Loan Amount ) Monthly Mortgage…

Q: Solve the problem. The average cost of a 4-year college education is projected to be $120,000 in 17…

A: Future Value (FV) = $120,000Annual Interest Rate (r) = 9% or 0.09Compounding Frequency (n) = 4 times…

Q: Suppose you have a vehicle, the 1st year maintenance cost is estimated to be $100. The rate of…

A: the value in the presence of a sum of money, in contrast to some future value it will have when it…

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: Wou decide to place all your savings of $1,234 into a fund that has a modest annual interest rate of…

A: An annual percentage rate is expressed as an interest rate. It calculates what percentage of the…

Q: (i)  If $10,000 is needed in 12 years, how much should be deposited at the end of each year into an…

A: Given future value = 10000 $ Time = 12 years Interest rate = 5 % compounded annually

Q: DRAW CASH FLOW DIAGRAM Suppose that P 4500 is deposited each year into a bank account that pays 8%…

A: A series of money paid at regular intervals is known as an annuity. Monthly savings account…

Q: 17. What is the effective annual interest rate if the nominal interest rate is 6%, compounded…

A: Formula used - Effective annual interest rate = (1 + (nominal rate / number of compounding periods))…

Q: You want to be able to withdraw $25,000 from your account each year for 20 years after you retire.…

A: Annuity is a series of cash flows (generally equal in nature) made or received at equal intervals,…

Q: At 8% annual interest compounded monthly, how long will it take to become a millionaire if you…

A: The annual interest rate is 8%, compounded monthly The amount invested is $150,000 We have to find…

Q: When a consumer purchases an item on credit at a luxury store, she pays an effective interest rate…

A: Effective interest rate is the real or actual yield of any investment which the investor earns…

Q: You want to borrow $41,611. You must repay the loan in 13 years in equal monthly payments and a…

A: Loan amount (PV) = $41,611 Term of loan = 13 years Interest rate = 15% nominal per year